<article>Singapore’s sovereign wealth fund, <a href="http://www.dealstreetasia.com/?s=GIC" target="_blank">GIC</a> said it will acquire a 30 per cent stake in Indian developer <a href="http://www.nirlonltd.com/" target="_blank">Nirlon Ltd</a> that owns 3.3-million-sq-ft IT park in a Mumbai suburb, in a deal that is worth up to $197 million.</article>

Singapore’s sovereign wealth fund, <a href="http://www.dealstreetasia.com/?s=GIC" target="_blank">GIC</a> said it will acquire a 30 per cent stake in Indian developer <a href="http://www.nirlonltd.com/" target="_blank">Nirlon Ltd</a> that owns 3.3-million-sq-ft IT park in a Mumbai suburb, in a deal that is worth up to $197 million.
A GIC affiliate &#8211; Reco Berry Pvt Ltd, will purchase up to 30.8 million shares, equivalent to 34.2 per cent stake, from some shareholders of Nirlon at Rs 222 per share, both companies said in a joint statement. It has made an open offer to the public shareholders of Nirlon to buy an additional 28.4 per cent stake at the same price of 222 rupees per share. On completion of this, the company expects to have a controlling stake 62.6 per cent in the Indian developer.
Nirlon Limited, which is listed on the Bombay Stock Exchange, owns Nirlon Knowledge Park, a large‐scale, high quality, information technology office park located in Mumbai. NKP comprises seven blocks and is spread across a total construction area of 3.3 million square feet.
Kunal Sagar, executive vice chairman, Nirlon Limited said “We are delighted to have a global investor with the profile, record and stature of GIC as a long-term partner in Nirlon Limited.
Sagar will continue as the executive vice chairman and Rahul Sagar will continue as the executive director of Nirlon Limited, post the deal.
Loh Wai Keong, managing director and 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 &#8211; to invest in assets that generate stable income streams over the long term.&#8221;
Kotak Mahindra Capital Company Limited and HSBC Securities and Capital Markets (India) are acting as joint managers to the Open Offer, while Amarchand &amp; Mangaldas and Suresh A Shroff &amp; Co are the legal advisers to the GIC affiliate for this deal, the companies added.
Nirlon shares closed at Rs 190.25 in Mumbai BSE trading on Wednesday.

GIC buys stake in India's Nirlon for $198m

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GIC buys stake in India's Nirlon for $198m

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