Samhi Hotels Ltd on Friday announced that its board has approved the acquisition of 100 per cent share capital of Innmar Tourism and Hotels Private Limited for Rs 2,050 million. In a regulatory filing, the company said, “We wish to inform you that the Board of Directors of Samhi Hotels Limited in its meeting held today (i.e. on 04 October 2024) has considered and approved investing the funds of the company to acquire 100 per cent share capital of Innmar Tourism and Hotels Private Limited constituting 84,37,500 equity shares of Rs 10 each for an enterprise value of circa Rs 2,050 million adjusted for net working capital including cash, from the existing shareholders of the Target.”
The acquisition will be completed on or before 4th October 2024 for a consideration of Rs 2,050 million (Enterprise Value) adjusted for net working capital including cash. Amount shall be subject to TDS and certain adjustments as stipulated under the Share Purchase Agreement proposed to be entered in respect of the proposed transaction.
“The proposed acquisition is in line with our company’s stated strategy of acquisition and turnaround led growth,” Samhi Hotels said.
Innmar Tourism and Hotels owns an operating hotel with 142 rooms in Whitefield, Bangalore along with surplus land for development of an additional 200-220 rooms in the Upper Upscale segment.
Earlier in July, Samhi Hotels had informed exchanges about entering into agreements for the rebranding of two of its hotels acquired as part of ACIC portfolio. This followed the company’s core strength and proven experience of acquisition and turn-around of hotel assets.
On September 22, Samhi Hotels shares listed at a 7 per cent premium over the IPO price on the NSE and at 3.61 per cent on BSE amidst a volatile domestic market. The share debuted at Rs 134.50 on the NSE, as compared to the issue price of Rs 126. Per a report by FinancialExpress.com, the Samhi Hotels IPO was subscribed 5.57 times. The Qualified Institutional Buyers (QIBs) category was subscribed 9.18 times, the portion for non-institutional investors received a 1.29-time subscription, and the Retail Individual Investors (RIIs) quota got oversubscribed by 1.17 times. The IPO comprised a fresh issue of 95,238,095 shares aggregating up to Rs 1,200 crore and an Offer-For-Sale (OFS) with promoters offloading 13,500,000 shares aggregating up to Rs 170.10 crore.
From: financialexpress
Financial News
