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TVS Holdings Ltd has announced that its real estate subsidiary, TVS Emerald Ltd, will acquire two subsidiaries, Radial (Phase II) IT Park Pvt Ltd and Radial (Phase III) IT Park Pvt Ltd, for over INR 575 crore. The acquisition involves purchasing 100 per cent equity shares and compulsorily convertible debentures of the two companies, with the deals valued at INR 234.33 crore and INR 342 crore, respectively. Expected to be completed by the end of 2024, these acquisitions will enhance TVS Emerald's market presence and capabilities, aligning with its growth objectives.
TVS Holdings Ltd has recently revealed plans for its real estate subsidiary, TVS Emerald Ltd, to acquire Radial (Phase II) IT Park Pvt Ltd and Radial (Phase III) IT Park Pvt Ltd. These construction and development-focused entities will be purchased for a total consideration exceeding INR 575 crore, as detailed in the company's regulatory filing. Advertisement
Under this acquisition, TVS Emerald will obtain 43.59 lakh equity shares and 7.25 lakh compulsorily convertible debentures of Radial (Phase II) IT Park Pvt Ltd, representing full ownership of its issued and paid-up share capital. The transaction is valued at INR 234.33 crore.
Similarly, TVS Emerald will acquire 55.07 lakh equity shares and 10 lakh compulsorily convertible debentures of Radial (Phase III) IT Park Pvt Ltd, amounting to complete ownership of its issued and paid-up share capital. This transaction is valued at INR 342 crore.
The acquisitions are expected to be completed by the end of 2024, subject to the fulfilment of conditions precedent and completion of closing procedures. According to the filing, these acquisitions will allow TVS Emerald (formerly Emerald Haven Realty Ltd) to access new markets, boost market presence, and broaden its capabilities within its existing business framework, thereby maximising revenue opportunities.
Radial (Phase II) IT Park operates in the construction and development sector. During FY 2023-24, it recorded NIL turnover, incurred a loss after tax of INR 0.21 crore, and had a net worth of INR 86 crore. Similarly, Radial (Phase III) IT Park, also involved in construction and development, reported NIL turnover for FY 2023-24, with a loss after tax of INR 0.37 crore and a net worth of INR 108.60 crore.
These planned acquisitions of Radial (Phase II) and Radial (Phase III) IT Parks underline TVS Emerald's strategic initiative to solidify its presence in the real estate sector. By integrating these entities, the company aims to enhance its operational capabilities and market reach, positioning itself for long-term growth and profitability.
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