GIC Acquires 63.9% Stake in Nirlon Ltd

28-Apr-15

28 April 2015

Singapore / Mumbai, 28 April 2015 – Reco Berry Private Limited, an affiliate of GIC, Singapore’s sovereign wealth fund, announced today that, pursuant to the open offer and agreements with shareholders, it is acquiring 63.9% for INR12.8 billion in Nirlon Ltd (Nirlon). The stake is being acquired at INR 222 per share.

Acquisition of 28.4% stake under the open offer has been completed. Reco Berry is in the process of acquiring the 35.5% stake under the agreements.