Thakral Acquires Majority Stake in India's TIL Investments for SG$94 Million

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Thakral Acquires Majority Stake in India's TIL Investments for SG$94 Million

MT Newswires05-29 11:37

Thakral (SGX:AWI) acquired an additional 81.6% stake in India-based TIL Investments for SG$93.9 million, taking its overall stake to 95.3%, according to a Thursday filing with the Singapore Exchange.

Shares of the property developer were up nearly 1% in Friday trading.

The acquisition was carried out through its unit, Paramount Investments, with part of the consideration settled via a mix of SG$50 million in cash and the issuance of 24.2 million new ordinary shares in the company priced at SG$1.8128 per share, valued at approximately SG$43.9 million.

The remaining 4.7% interest in TIL Investments is held by Platinum Healthcare.

The increased ownership allows the company full control over the 21-acre site in Gurugram, India.

The site will be developed into a hospital and a wellness center over time.

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