Blue Coast Hotels Limited acquires stakes of Silver Resort Hotel (India) Private Limited
Deepthi | Myequity news | Date : 29-03-2019 21:43:00 IST
Blue Coast Hotels Limited has acquired 8,5 0,00,000 Equity of Rs. 10/- each of Silver Resort Hotel (India) Private Limited (SRHIPL), a subsidiary of the Company, from IF CI Ltd for a sum of Rs. 188.50 Crore. The aforesaid acquisition has been made in compliance of the Buyback Agreement dated 12th March, 2010, executed amongst the Company, IFCI Ltd., SRHIPL and others. The net worth for the proceeding financial year i.e., 2017-2018, was Rs.272.82 Crore.
With this acquisition and acquisition of some fractional shares, the Company owns 100% equity stake in SRHIPL (prior to acquisition, the Company was holding 68.92%) and SRHIPL has thus become a wholly owned subsidiary of the Company with effect from March 29, 2019.