Reco Berry, an affiliate of GIC, Singapore’s sovereign wealth fund, announced today that, pursuant to the open offer and agreements with shareholders, it is acquiring 63.9% for Rs 12.8 billion in Nirlon. The stake is being acquired at Rs 222 a share.

The acquisition of 28.4% stake under the open offer has been completed. Reco Berry is in the process of acquiring the 35.5% stake under the agreements.

Shares of the company declined Rs 0.3, or 0.19%, to settle  at  Rs 160.10.  The total volume of shares traded  was  12,998 at  the BSE (Tuesday).