Chennai: Leading integrated architectural solutions provider Uniply Industries Ltd announced signing of an agreement with Kuwait-based Markab Capital WLL under which the latter would acquire a controlling stake in the company.
“The deal values Uniply Industries at an enterprise value of over Rs 1,550 crore on a fully diluted basis,” a company statement said.
Markab Capital WLL, Kuwait and their wholly-owned Indian subsidiary, Markab India SPV Pvt Ltd, would acquire 20.7 per cent shareholding from Uniply Industries chairman Keshav Kantamneni and his group entities at Rs 82 per share, a premium of 28 per cent to the price of shares of company.
According to the deal, Kantamneni would hold seven per cent stake in the company and continue in key functional support role.
The transaction aims at leveraging the deep global relationships of Markab Capital and create a long-term value for shareholders by bringing value and global contracts into the execution fold of the incumbent teams at Uniply.