Valuemart to gain stake in Residency Projects

BANGALORE, INDIA: Valuemart Retail (India) Ltd., a Bangalore-based B2C & Retail Solutions firm, has announced that it has signed a deal to acquire a 59.86 per cent stake in Residency Projects & Infratech Ltd from the existing Promoters.

Residency Projects & Infratech Ltd., is  a Bangalore-based housing finance, real estate, property and infrastructure development firm,  listed on the Bombay stock exchange and Bangalore stock exchange .

Valuemart Retail is making an open offer to acquire 20 per cent stake from the public shareholders as per SEBI guidelines. The Public announcement of the open offer was made on 22 nd November 2010 and has appointed M/s IFCI Financial Services Ltd as Managers to the offer, said a press release.

Valuemart Retail (India) Ltd. promoted by C K Vasudevan, offers B2C solutions, RFID Solutions, Smartcards and Web based solutions for Retail & Financial Services sectors, will extend its service offerings in the housing finance & financial services sectors, the release added.