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.
