Singapore sovereign wealth fund GIC has reportedly entered into an agreement to acquire a 39% stake in Nirlon --- a once-famous textile company turned realtor --- that owns 3.3-million-sq-ft IT park in Goregaon, a Mumbai suburb.
GIC’s arm Reco Berry has signed definitive agreements to purchase up to 3.08 crore shares amounting to 34.2% stake in Nirlon from its promoter and promoter companies for Rs 222 per share. Reco Berry's stake purchase in BSE-listed Nirlon has triggered an open offer as per capital market regulations. Consequently, Reco Berry has made an open offer to acquire additional 28.4% shareholding of Nirlon at the same price of Rs 222 a share. The company will hold a total 62.6% stake in Nirlon following the completion of the open offer assuming 100% response.
Moreover, Recco Berry will also purchase a 5% additional stake from Nirlon's promoters and promoter group companies at the same price.
The company is engaged in manufacturing nylon (textile) filament yarn polyester filament yarn nylon tyre cord nylon tyre fabrics conveyor belts and fan and V-belts.
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