Thakral to lift stake in Gurugram healthcare-led project to 95.28% in S$93.9 million deal
Summary:
-
Thakral Corporation will acquire an additional 81.64% stake in India-based TIL Investments, raising its interest from 13.64% to 95.28% and securing strategic control of a mixed-use healthcare-led development in Gurugram, Delhi NCR.
-
The S$93.9 million consideration comprises S$50 million cash and S$43.9 million in about 24.22 million new Thakral shares at S$1.8128 each, a 10% premium to the 20-day VWAP, diluting existing holders but aligning the vendor with future upside.
-
The 21-acre site offers over 2.5 million sq ft of potential development, including a hospital, wellness centre and residential units, with experienced third-party partners to develop and operate the medical and residential components.
-
Post-deal, controlling shareholder Thakral Group Limited’s effective interest in Thakral will rise from 52.34% to 60.05%, while the residual 4.72% in TIL remains with Platinum Healthcare.
-
Management frames the transaction as a long-term value and recurring-income play on India’s fast-growing healthcare and residential markets, with detailed financial effects to be set out in a separate SGX circular for shareholder approval.