TARC board approves disinvestment in two subsidiaries for value of Rs295cr; Stock gains 2%

BREP will acquire two of the company's wholly-owned subsidiaries, Goodluck Buildtech and Anant Raj Hotels.

Aug 25, 2021 09:08 IST India Infoline News Service

TARC Limited has approved the execution of transaction documentation with BREP Asia II EIP Holding (NQ) Pte. Ltd., an affiliate of funds controlled, managed, and/or advised by Blackstone Inc., pursuant to which BREP will acquire two of the company's wholly-owned subsidiaries, Goodluck Buildtech Private Limited (Goodluck) and Anant Raj Hotels Limited (ARHL).

The total value of the Proposed Transaction will be Rs295cr which will be payable in tranches, subject to the satisfaction of certain identified conditions and closing actions, including completion of the transaction for the transfer of certain land parcels aggregating to approx. 36 acres for warehousing development held by the company in villages Jindpur, Khera Kalan and Nangli Poona, North Delhi, in favour of Goodluck and ARHL.

“The transaction comes as the company looks to build strong relationships with global investors, in line with its overall strategy to take a focused approach towards business growth,” it said in a filing on Tuesday.

The scrip opened at day’s high of Rs37.65 per piece so far and was trading at Rs37.00 up Rs0.75 or 2.07% on the BSE, at around 9.23 am.

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