Bengaluru, NFAPost: Kuwait headquartered investment firm Markab Capital WLL announced taking controlling stake in Mumbai based integrated construction solutions company Uniply Industries Ltd (Uniply).
According to the statement, Markab Capital has entered into a share purchase agreement with the promoters of Uniply Industries to acquire controlling stake in the company.
The deal values Uniply at an enterprise value of over Rs 1,550 crores on a fully diluted basis.
Uniply promoter Keshav Kantamneni will retain 7% stake in the company and continue in key functional support role.
As per the agreement, Markab Capital and its wholly owned Indian subsidiary Markab India SPV Pvt acquired 20.7% shareholding from Keshav Kantamneni and his group entities.
The share is valued at Rs. 82 per share, a premium of nearly 28% to the price of the shares of Company at close of trading hours on July 3, 2019.
Uniply, is a leading integrated architectural, design and build turnkey solutions provider in the residential and commercial sectors, has established offices in
Commenting on the development, Uniply Chairman Keshav Kantamneni, Chairman of Uniply said Markab Capital brings to the table a wealth of investment experience with small and mid market companies around the world.
“Their hands-on approach to investing and proven track record of growing businesses will help strengthen the framework of growth
at Uniply. I’m confident that Markab will create significant value over time,” said Keshav Kantamneni.
The BSE lusted Uniply is present across India in major cities such as Delhi, Pune, Bengaluru, Chennai, Hyderabad.
Markab Chairman Ahmad Al Omani said Uniply acquisition helps the company to expand presence in the burgeoning Indian building solutions market.
“We’ve been tracking the delightful transformation of the business from a fledgeling plywood manufacturer to a fast-growing integrated building solutions provider over the past 5 years. It is a one-of-its-kind investment opportunity and I’m confident that we will bring enormous business value for Uniply from our extensive global relationships and portfolio companies, ” said Ahmad Al Omani.
Markab Capital WLL, is a multi-family office investment firm, is expected to bring value and margin accretive global contracts into the execution fold of the incumbent teams at Uniply.