GIC affiliate, Reco Berry, has signed definitive agreements to acquire up to about 39.2 per cent stake in Nirlon Limited. It will, in addition, make an open offer to Nirlon's public shareholders for up to an additional 28.4 per cent shareholding of Nirlon. The cash price being offered is 222 rupees (S$4.63) per share.
Assuming a full take-up of the open offer, Reco Berry will hold 62.6 per cent of Nirlon.
Separately, Reco Berry has also entered shareholder agreements to purchase up to 4.5 million shares from Alfano Pte Limited, Deltron Pte Limited, Kunal V Sagar and Rahul V Sagar, the existing promoters of Nirlon, for a price of 222 rupees per share, in aggregate representing 5.0 per cent shareholding in Nirlon.
It is also in discussions with certain other shareholders to acquire up to 1.8 million equity shares constituting about 2.0 per cent shareholding in Nirlon.
Nirlon Limited, listed on the Bombay Stock Exchange, owns Nirlon Knowledge Park (NKP). NKP is a large-scale, high quality, information technology office park located in Mumbai.
Loh Wai Keong, managing director & co-head Asia, GIC Real Estate Pte Ltd said: "Nirlon has created a high quality asset and we are excited about supporting the next phase of growth and asset enhancement to build sustainable value for this development. We look forward to working closely with the Sagars and their management team. This acquisition is consistent with our strategy in India to invest in assets that generate stable income streams over the long term."