Purchasing shares of a company having only land as asset

Hello Friends, 

One of my client is in talks to purchase shares of a limited company which only has land as an asset. Post the shares issue, the shareholding of existing shareholders will be reduced to 49% from 100% and my client will own 51% shares and the management of the company will rest with my client. The existing shareholders will not be selling their shares but there will be fresh issue of shares to my client. 

Kindly advise me whether there will be any capital gain tax / stamp duty involved with respect to land or this can be purely treated as issue of shares. Is there any chance that this transaction be treated as transfer of land?

Thanks & Regards

Najmuddin B.