The Indian Hotels Company Limited executed definitive agreement to acquire additional 6.8% stake in PIEM Hotels Limited from New Vernon Private Equity Limited for INR 1.3 billion.

The Indian Hotels Company Limited (BSE:500850) executed definitive agreement to acquire additional 6.8% stake in PIEM Hotels Limited from New Vernon Private Equity Limited for INR 1.3 billion on October 27, 2023. Under the terms, consideration shall be paid by a combination of cash and issue of approximately 2.9 million shares. PIEM Hotels reported turnover of INR 5.04 billion and net worth of INR 6.5 billion for the year 2022-2023.

The transaction has been approved by the Board of The Indian Hotels Company. Completion is subject to approval by shareholders of The Indian Hotels Company. The transaction is expected to be completed within approximately 2 months.