SINGAPORE - Greenko Group will sell its Mauritius registered business to a newly formed subsidiary of GIC for approximately £162.8 million (S$345.7 million) cash.

The sale, followed by a bumper cash return to shareholders, is subject to approval of at least 50% of shareholders, the company said on Monday.

Once complete, Greenko will be able to return roughly 100 pence per share to shareholders in total with an initial capital return of 98 pence per ordinary share.

Company founders Anil Kumar Chalamalasetty and Mahesh Kolli have agreed to enter into new service agreements with GIC's newly formed holding company.

"The independent directors believe that the disposal is in the best interests of shareholders and through the realisation of certain cash proceeds will facilitate a return of capital," Greenko's chairman Mr Keith Henry said.