Stock to Track: TCS acquires commercial realty firm for Rs 2,250 crore in cash—Catch details here

TCS Acquires Commercial Real Estate Company News: Tata Consultancy Services (TCS), the country’s largest IT services exporter, on Tuesday said that it would acquire Darshita Southern India Happy Homes, a commercial real estate company, for a cash consideration of Rs 2,250 crore. After the transaction, the realty firm will become a 100 per cent subsidiary of the Mumbai-headquartered IT major, according to a regulatory filing.

TCS Announces Darshita Southern India Happy Homes Acquisition

According to TCS, the acquisition includes the land and building held by the entity to serve as a delivery centre.

The deal involves a call option to acquire 100 per cent equity shares in the target entity after two years, the filing noted.

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TCS Share Price News

Earlier on Tuesday, TCS shares ended weaker by Rs 13.2, or 0.4 per cent, at Rs 3,574.9 apiece on BSE.

At this level, the IT giant’s stock has declined 12.8 per cent for the year, underperforming a 5.2 per cent decline in the headline Nifty 50 index.

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What does Darshita Southern India Happy Homes, the company that TCS is acquiring, do?

Darshita Southern India Happy Homes was incorporated in September 2004.

As a commercial real estate company, Darshita Southern India Happy Homes is engaged in the development of commercial property that would be let on lease to prospective industrial consumers.

Darshita Southern India Happy Homes is yet to see revenue generation as the property is still under development.

It has a nil turnover in the past three years, according to the IT major.

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