Talwalkars to buy 50% stake in Zorba
1 min read . Updated: 14 Jan 2016, 09:01 PM ISTTalwalkars will retain the Zorba brand and will invest about `8 crore in the company
Chennai: Talwalkars Better Value Fitness Ltd, which runs a chain of gymnasiums, has agreed to buy a 50% stake in Chennai-based Zorba, owner of a chain of yoga studios.
This is the fourth acquisition n four months by Talwalkars.
“We will retain the Zorba brand and will invest about ₹ 8 crore in this company," said Anant Gawande, chief financial officer of Talwalkars.
The acquisition will be funded by money raised in a ₹ 107 crore qualified institutional placement in June.
The Mumbai-based fitness chain bought a 49.5% stake in Sri Lanka-based Power World Gym in October for an undisclosed amount.
A month later it acquired 51% of Chennai-based Inshape Health and Fitnez Pvt. Ltd for an undisclosed amount. It also purchased a 19% stake in health and fitness centre discovery site GymTrekker Fitness for an undisclosed amount.
Talwalkars share’s fell 1.5% to ₹ 242.80 on BSE, while the benchmark Sensex declined 0.33% to 24,772.97 points.
