SAMHI Hotels’ board on Friday approved the 100 per cent acquisition of Innmar Tourism and Hotels for an enterprise value of Rs 205 crore.
Bengaluru-based Innmar Tourism and Hotels owns an operating hotel with 142 rooms in Whitefield, along with surplus land for the development of an additional 200-220 rooms in the upper upscale segment, the company said in a stock exchange filing.
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The acquisition involves purchasing 84,37,500 equity shares at Rs 10 each, subject to adjustments for net working capital, including cash. The company expects to complete the transaction by today, subject to the completion of closing conditions.
The share price of SAMHI Hotels closed at Rs 196.65, down by 0.08 per cent on the National Stock Exchange.
The deal will involve a cash consideration, subject to TDS and certain adjustments as stipulated under the share purchase agreement proposed to be entered into in respect of the transaction, said the company’s stock exchange filing.
Innmar Tourism and Hotels, incorporated in October 2003, had a turnover of Rs 24.76 crore in FY24.
First Published: Oct 04 2024 | 6:12 PM IST
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