| Singapore's sovereign wealth fund GIC has raised its holding in public listed Mumbai IT park firm Nirlon Ltd to 63.92 per cent by acquiring more shares in the open offer for Rs 568.32 crore ($90 million). This completes a rare control-style deal for a sovereign wealth fund in India. GIC had previously struck a deal to buy up to 39.2 per cent stake in the company last December last year. This was conditional upon the acceptance ratio in the open offer.
It had made an open offer to buy 28.4 per cent stake from the public and said if it is able to garner over 21.7 per cent stake through this route, it would buy only 5 per cent stake from the promoters for Rs 100 crore besides 29 per cent stake from two institutional investors for Rs 584 crore at Rs 222 a share each........................................Full Article: Source
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