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TVS Emerald Limited (formerly known as Emerald Haven Realty Limited), a subsidiary of TVS Holdings Limited (formerly known as Sundaram Clayton Limited), will acquire Radial (Phase-II) IT Park Private Limited and Radial (Phase III) IT Park Private Limited. ₹ 576.33 crore.
According to a document filed with BSE Limited (formerly Bombay Stock Exchange), TVS Emerald will acquire 43.58 lakh equity shares and 7.25 lakh compulsorily convertible debentures constituting 100% of the issued and paid-up capital of Radial (Phase II) IT Park. 234.33 crore in Pvt.
It will also acquire 55.06 lakh equity shares and 10 lakh compulsorily convertible debentures constituting 100% of the issued and paid-up share capital of Radial Phase III for ₹ 342 crore.
The acquisition is expected to be completed on or before December 31, 2024, subject to the completion of conditions precedent and closings. Upon completion of the proposed transaction, both the companies will be wholly-owned subsidiaries of TVS Emerald and, consequently, its step-down subsidiaries.
The acquisition is expected to enable TVS Emerald to gain access to new markets, increase market reach and add new capabilities to its existing business lines, thereby increasing revenue opportunities.
published – December 19, 2024 at 12:37 pm IST