Kuwait-based Markab Capital has bought a stake of about 21 per cent in Chennai-based interiors and building solutions company Uniply Industries Ltd in a deal valued at about ₹321 crore.

The deal values BSE-listed Uniply at an enterprise value of more than ₹1,550 crore on a fully diluted basis.

Markab has signed a deal to buy a 20.7 per cent stake in Uniply from its promoter Keshav Kantamneni and his group entities at ₹82 per share, a premium of nearly 28 per cent on the company’s closing price on Wednesday.

The PE firm will make an open offer to the public shareholders for an additional 26 per cent stake at a price of ₹82 per share.

Kantamneni will retain a 7 per cent stake in the company and continue in a key functional support role, according to a statement.

“There are no integrated solution providers in the refurbishment/upgradation loop of buildings. This (Uniply’s) unique set of value propositions that were carefully stitched together over the past five years has resulted in this transaction,” Kantamneni told BusinessLine .

“A lot of our growth has come from investments via personal and non-institutional capital. It is now time for institutional capital to grow the business,” he said.

“We’ve been tracking the delightful transformation of the business from a fledgling plywood manufacturer to a fast-growing integrated building solutions provider over the past five 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, Chairman of Markab.

For the year ended March 31, Uniply posted a net profit of about ₹40 crore on revenues of about ₹505 crore.

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