CHENNAI: Kuwait-based Markab Capital has announced it is buying the controlling stake in Uniply Industries, a public-listed architectural and design solutions provider.
Originally a plywood manufacturer, Uniply diversified to a variety of products and services such as furniture products, interior decor, now offering turnkey solutions in residential and commercial sectors.
In a statement to the press, Markab Capital said it has signed a deal to acquire 20.7% from incumbent promoters of Uniply. The share purchase agreement valued the company upwards of Rs 1550 crores.
The acquisition valued shares at Rs 82 a piece, a premium of about 28% of its last traded price.
“The transaction aims to leverage the deep global relationships of Markab and create long term value for shareholders of the Company by bringing value and margin accretive global contracts into the execution fold of the incumbent teams at Uniply, Markab said in the statement.
According to an open offer filing published by D&A Financial services on behalf of Markab, promoter shareholders Keshav Kantamneni, KKN Holdings and Madras Electronic Solutions will shed their holdings in Uniply. While Kantamneni will retain about 7%, theRead More – Source
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