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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 for ₹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 share capital of Radial (Phase II) IT Park Pvt Ltd for ₹234.33 crore.
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 closing actions. After the completion of the proposed transaction, both the companies will become wholly owned subsidiaries of TVS Emerald and consequently, its step-down subsidiaries.
It is expected that this acquisition will enable TVS Emerald to gain access to new markets, increase market penetration and add new capabilities to its existing line of business, thereby maximising revenue opportunities.
Published – December 19, 2024 12:37 am IST
