TVS Holdings Ltd on Wednesday said its wholly-owned real estate arm TVS Emerald Ltd will fully acquire Radial (Phase II) IT Park Pvt Ltd and Radial (Phase III) IT Park Pvt Ltd, both involved in construction and development, for a total consideration of over Rs 575 crore.
TVS Emerald will acquire 43.59 lakh equity shares, and 7.25 lakh compulsorily convertible debentures, constituting 100 per cent of the issued and paid-up share capital of Radial (Phase II) IT Park Pvt Ltd for a consideration of Rs 234.33 crore, TVS Holdings said in a regulatory filing.
Further, the company said TVS Emerald will acquire 55.07 lakh equity shares, and 10 lakh compulsorily convertible debentures, constituting 100 per cent of the issued and paid-up share capital of Radial (Phase III) IT Park Pvt Ltd, it added.
The cost of acquisition is Rs 342 crore, the filing said.
The acquisitions are contemplated to be completed on or prior to December 31, 2024, subject to completion of conditions precedent and closing actions, it added.
The acquisitions 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, the company said.
