ASCENDAS india trust ANNUAL REPORT 2014/15
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
For the financial year ended 31 March 2015
21.
Investment in subsidiaries (continued)
Acquisition of subsidiary
On 31 March 2015 (the “acquisition date”), the Group’s subsidiary, Cyber Pearl Information Technology Park Private
Limited (“CP”), acquired 100% equity interest in Ascendas IT SEZ (Chennai) Private Limited (“AISCPL”) for a consideration
of INR 1,613 million (equivalent to $35,173,000). The acquisition augments the Trust’s presence in Chennai and is in line
with the investment strategy to invest in quality income-producing assets.
The costs of the identifiable assets and liabilities of ASICPL as at the acquisition date were:
Cost Recognised on
Acquisition
$'000
Investment properties
36,124
Equipment
156
Other assets
251
Inventories
68
Trade and other receivables
422
Cash and cash equivalents
1,769
38,790
Trade and other payables
(3,277)
Current income tax payable
(30)
Deferred income tax liablities (net)
(310)
(3,617)
Total identifiable net assets
35,173
Transaction costs capitalised
988
36,161
Consideration Transferred for the Acquisition of Aiscpl:
Cash paid
35,173
Transaction costs
988
36,161
Less: Cash and cash equivalents acquired
(1,769)
Net cash outflow from acquisition of subsidiary
34,392
