Nirlon is in the limelight today morning. The stock, which has closed yesterday at Rs.160.60, opened today at Rs.171 and went to an intra day high of Rs.180. It is currently at Rs.170, over 5.6% higher.

The stock price has spurted up on news that Singapore’s Sovereign wealth fund, GIC has acquired a 63.9% stake in this realty company for Rs.1280 crore. This works out to Rs.222/share. 28.4% stake was bought by Reco Berry, a GIC company in the recently concluded open offer. It is now in the process of acquiring 35.5%, which will give it the controlling stake.

Nirlon owns 2.2 million sq ft office park at Goregaon suburb of Mumbai, Nirlon Knowledge Park.