Brigade Enterprises to buy Kansai Nerolac's Chennai land for Rs 5.5 bn
Source: IRIS | 29 Jun, 2015, 06.12PM
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 Brigade Enterprises, Bangalore-based real estate developer, announced Monday the board of directors of Brigade Properties, a subsidiary of the company has approved the acquisition of the property from Kansai Nerolac Paints. The consideration for acquisition of the property fixed at Rs. 5.50 billion subject to legal due diligence.
 The aforesaid property consists 15 acres 86 cents situated at Perungudi on OMR, Chennai. The acquisition of property would be done either directly by Brigade Properties or through its nominee or through a special purpose vehicle wherein Brigade Enterprises or its nominees and GIC Singapore through one of its affiliates would be the shareholders.
Brigade Properties has entered into a term sheet today with Kansai Nerloac Paints relating to the issue. Shares of the company declined Rs 2.4, or 1.75%, to settle at Rs 134.90. The total volume of shares traded was 5,363 at the BSE (Monday).
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