GIC throwing more of our money in Apuneh Land of Rapist and Rioters

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An honorable member of the Coffee Shop Has Just Posted the Following:

Uniquely PAP. Hmm...........Gay Loong was thinking. How to reward all these Indian who rioted, burn cars, ambulances, etc in Little India? Ah ha, I will direct my personal piggy bank AKA GIC to give them even more money, and buy their sick economically shit companies with sinkies CPF money. SOng Boh?

Singapore GIC to acquire 39% Stake in Nirlon Ltd

MUMBAI: Singapore sovereign wealth fund GIC has entered into an agreement to acquire a 39% stake in Nirlon Ltd --- a once-famous textile company turned realtor --- that owns 3.3-million-sq-ft IT park in Goregaon, a Mumbai suburb, the fund said in a release.

GIC's arm Reco Berry Pvt Ltd has signed definitive agreements to purchase up to 3.08 crore shares amounting to 34.2% stake in Nirlon from its promoter and promoter companies for Rs 222 per share. Reco Berry's stake purchase in BSE-listed Nirlon has triggered an open offer as per capital market regulations. GIC said. Consequently, Reco Berry has made an open offer to acquire additional 28.4% shareholding of Nirlon at the same price of Rs 222 a share. The company will hold a total 62.6% stake in Nirlon following the completion of the open offer assuming 100% response.

Recco Berry will also purchase a 5% additional stake from Nirlon's promoters and promoter group companies at the same price. However, this additional stake buy is subject to certain conditions including the response to the open offer. In its hayclon days as a textile company, Nirlon boasted of a power cricket team, whose captain was the legendary Sunil Gavaskar.

Founded in 1950s, Nirlon Ltd was engaged in manufacturing of nylon filament yarn. It later ventured into making industrial rubber products.

In the 1980s Nirlon was declared a sick unit following the deterioration of the textile business. In 2006, the company decided to utilize its land parcel in Goregaon suburb of Mumbai to develop an IT park on 23 acres prime land. This is GIC's second real estate transaction in India in less than a week's time. Last week, GIC entered into a joint venture with Delhibased realty developer Vatika Group to develop two residential projects in Gurgaon. These projects have a total development potential of 2.3 million sq ft.


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