TCIL will first inject Rs 187 crore for a preferential allotment of a 23 per cent stake in Sterling. After that, it will buy stake from shareholders of the Chennai-based resort owner for Rs 176 crore.
This will trigger an open offer under SEBI norms and TCIL will seek to buy up to 26 per cent in Sterlin .
The equity swap ratio for the merger has been fixed at 120 shares of TCIL for every 100 shares of Sterling. The transaction is expected to be completed by December 2014, after obtaining mandatory clearances.
"The synergistic opportunities this new partnership offers are enormous because they create multiple avenues to grow our respective businesses and to create valuable business opportunities together," TCIL Managing Director Madhavan Menon told reporters here.
Sterling Holida ..
"The synergistic opportunities this new partnership offers are enormous because they create multiple avenues to grow our respective businesses and to create valuable business opportunities together," TCIL Managing Director Madhavan Menon told reporters here.
Sterling Holida ..