Tata Group-backed Indian Hotels Company, along with its subsidiaries, has completed the acquisition of a 51 per cent stake in Brij Hospitality for a total investment of approximately Rs 222 crore, according to a regulatory filing.
Consequent to the acquisition, Brij has become a subsidiary of Indian Hotels Company Limited (IHCL).
In January, the country’s largest hospitality player IHCL said it had entered into share subscription and share purchase agreements to acquire around 51 per cent shareholding in Brij Hospitality Private Limited.
“IHCL, along with its step-down subsidiaries, namely ANK Hotels Private Limited and Pride Hospitality Private Limited, has completed the acquisition of 51 per cent of the share capital in Brij Hospitality Private Limited (Brij), for a total investment of up to Rs 222 crore,” the filing said on late Tuesday evening.
The acquisition comprises the purchase from existing shareholders of Brij, as well as primary investment in it through a combination of compulsorily convertible preference shares and partly paid-up equity shares.
Source: Economic Times