TVS Holdings to Acquire Radial IT Park Entities for ₹576.33 Cr
TVS Holdings Limited, formerly Sundaram-Clayton Limited, is set to acquire 100% equity shares and Compulsorily Convertible Debentures of Radial (Phase II) IT Park Private Limited (“Target Company 1”) and Radial (Phase III) IT Park Private Limited (“Target Company 2”). This acquisition will be executed through TVS Emerald Limited, a wholly-owned subsidiary of TVS Holdings. Upon completion, the target companies will become wholly-owned subsidiaries of TVS Emerald and step-down subsidiaries of TVS Holdings.
Acquisition Details:
- Target Companies: Radial (Phase II) IT Park Private Limited and Radial (Phase III) IT Park Private Limited
- Business Activities: Construction and development
- Turnover: NIL turnover in the last three financial years
- Consideration: Cash
- Acquisition Cost: ₹234.33 Cr for Target Company 1 and ₹342 Cr for Target Company 2
- Completion Date: Expected by December 31, 2024
- Rationale: The acquisition aims to provide TVS Emerald with access to new markets, enhance market penetration, and expand its business capabilities.