Board of Kansai Nerolac Paints approves sale of land for Rs 550 crore

On 29 June 2015

Kansai Nerolac Paints announced that:

1. The Board of Directors of the Company has approved on 29 June 2015 the sale of the Company's land admeasuring 15.86 acres (15 acres 86 cents) at Perungudi, Chennai to Brigade Properties or its Nominees/ another Special Purpose Vehicle (SPV) formed by Brigade Group and GIC Singapore ( hereinafter referred as the Purchaser ) for a sum of Rs. 550 crore ( Rupees Five hundred and Fifty Crores).

2. The sale and the sale proceeds is subject to due diligence by the Purchaser and such other procedures as may be necessary in regard to acquisition of the land by the Purchaser.

 

3. The Company has entered into a Term Sheet with Brigade Properties relating to the same.

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