Royal Orchid Hotels Limited (NSEI:ROHLTD) agreed to acquire remaining 48.93% stake in Icon Hospitality Private Limited for INR 340 million on May 30, 2023, As on October 4, 2023 Royal Orchid Hotels Limited entered into Share Purchase Agreement with Mr. P. Dayananda Pai, Mr. P. Satish Pai and ICON to acquire 48.93% stake in Icon Hospitality Private Limited As part of transaction, 9,29,872 shares will be acquired. Consideration will be paid in cash. borrow INR150 millions from C. K. Baljee for a period of 3 years to complete the transactions. Royal Orchid board approved the deal. For FY 2022-23 Icon Hospitality reported turnover of INR 2.6 billion. The transaction is expected to complete in 2 months.

Royal Orchid Hotels Limited (NSEI:ROHLTD) completed the acquisition of remaining 48.93% stake in Icon Hospitality Private Limited on October 11, 2023.