Chalet Hotels update on acquisition of Belaire Hotels and Seapearl Hotels

Chalet Hotels announced that pursuant to the share purchase agreement, the existing shareholders of Belaire Hotels (BHPL) have transferred 100% of the equity shares and 100% of zero coupon fully compulsorily convertible debentures in BHPL to the Company. Consequently, BHPL has become a wholly owned subsidiary of the Company.

The Company has paid complete cash consideration (with adjustments as on completion date in terms of the SPA) of Rs.119.33 crore, for the acquisition of 100% equity shares and 100% of zero coupon fully compulsorily convertible debentures of BHPL and the Company shall also be acquiring of 100% of the equity shares of Seapearl Hotels (SHPL) and 100% of zero coupon fully compulsorily convertible debentures for a complete cash consideration (with adjustments as on completion date in terms of the SPA) of Rs.57.46 crore.

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