Chalet Hotels Ltd - 542399 - Announcement under Regulation 30 (LODR)-Updates on Acquisition
With ref to Reg 30 and further to our ltr dt 17.01.20 (enclosed) and in compliance with Reg 30,and pursuant to Share Purchase Agreement(SPA) as referred to in our above communication dt 17.01.20, we inform that: (a) the existing shareholders of Belaire Hotels Pvt Ltd(BHPL) have transferred 100% of equity shares and 100% of zero coupon fully compulsorily convertible debentures in BHPL to the Company (b) the Company has paid complete cash consideration (with adjustments as on completion date in terms of the SPA)of Rs.1193.32 Mn, for the acquisition of 100% equity shares and 100% of zero coupon fully compulsorily convertible debentures of BHPL & (c) the Company shall also be acquiring of 100% of the equity shares of Seapearl Hotels Pvt Ltd(SHPL)& 100% of zero coupon fully compulsorily convertible debentures for a complete cash consideration(with adjustments as on completion date in terms of SPA) of Rs.574.68 Mn Consequent to above BHPL has become a wholly owned subsidiary of the Company.03-02-2020