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Reco Berry Private Ltd, an affiliate of GIC, Singapore’s sovereign wealth fund, has signed definitive agreements to purchase about 3.08 crore shares (or 34.2 per cent stake) from a host of investors, including the promoters at a maximum price of ₹222 a share.
Under the regulations, Reco Berry will make an open offer to the public shareholders of Nirlon for up to an additional 28.4 per cent shareholding at the same price.
On completion of the open offer (assuming full subscription), the Acquirer will hold 62.6 per cent of Nirlon, GIC said in a statement.
The company will shell out about ₹1,393 crore for the Nirlon buy.
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