Thakral Corporation plans to pay $93.9 million to increase its stake in a real estate and healthcare project in India from 13.64% to 95.28%.
This additional 81.64% stake will be bought from a subsidiary of Thakral Group, an entity that is controlled by the extended Thakral family, and which is also the controlling shareholder of Thakral Corp itself.
The deal will require the approval of Thakral Corp shareholders at an EGM to be called.
The acquisition will be paid via $50 million in cash, and the remaining $43.9 million is to be paid with around 24.22 million new Thakral Corp shares at $1.8128 per share, which is a 10% premium to the volume-weighted average price of the preceding 20 market days.
Upon completion of the deal, Thakral Group will see its stake in Thakral Corp increase from 52.34% to 60.05%.
The project to be acquired is in Gurugram, part of New Delhi's so-called National Capital Region.
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The site covers more than 2.5 million sq ft and comes with mixed-use development potential including a hospital, wellness centre and residential development.
Thakral Corp plans to secure a "healthy" mix of recurring income and cashflows.
“This investment aligns with our strategy of identifying attractive real estate opportunities and high-growth sectors," says CEO and executive director Inderbethal Singh Thakral.
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"The acquisition marks a significant step in our next phase of growth, as we capitalise on the fast-growing Indian market through a well-planned project designed to create long-term value for our shareholders."
Thakral Corp shares closed at $1.69 on Jan 23. It is up 156.06% in the past year.
