Dazzel Confindive to buy 40% in hospitality firm

Construction and engineering firm Dazzel Confindive today decided to acquire 40% stake in the Indore-based Horizon Leisure Hotels.

The board of directors took a decision to this effect at its meeting held on Wednesday, Dazzel Confindive informed the Bombay Stock Exchange in a regulatory disclosure without providing any financial details of the deal.

The hospitality firm is promoted by Horizon Group engaged in the business of construction and development of commercial and residential projects, it said.

Horizon Leisure Hotels is currently developing a 127-room luxury hotel project costing Rs 40 crore at Indore with US-based Best Western International Inc, it said.

Last month, Dazzel Confindive had resolved to opt for stock-split by converting every Rs 10 equity share into 10 scrips of Re 1 each.

These proposals would be put up before the shareholders at an extra-ordinary general meeting scheduled to be held on March 23.

Shares of the company closed at Rs 22.25, up 4.95% from the previous close on the BSE.