Royal Orchid Hotels Limited (BSE : 532699) have entered into a Memorandum of Understanding to acquire remaining 50% stake in Cosmos Premises Pvt Ltd from Vascon Engineers Limited (NSEI : VASCONEQ) and Conamore Resorts Private Limited for approximately INR 530 million on August 21, 2021. Vascon Engineers Limited will sell 43.34% stake and Shri R. Vasudevan HUF (Promoter of VEL) and Conamore Resorts Private Limited will sell 6.66% stake in Cosmos Premises Pvt Ltd. Cosmos Premises reported a turnover of INR 90.1 million for the year 2020-21. The transaction has been approved by the board of Royal Orchid and Vascon Engineers. The transaction is subject to due diligence review and Royal Orchid's shareholder approval. As of September 29, 2021, the transaction has been approved by Royal Orchid's shareholder with requisite majority. The transaction is expected to close in 60 Days from the date of signing of Memorandum of Understanding. As of October 21, 2021, the transaction completion date has been extended to November 15, 2021.