TripBorn, Inc. (OTCPK:TRRB) entered into letter of intent to acquire PRAMA Hotels and Resorts Limited from the shareholders of PRAMA Hotels and Resorts Limited on March 8, 2019. TripBorn, Inc. entered into memorandum of understanding dated March 31, 2019 and amendment to memorandum of understanding dated April 9, 2019 to acquire 100% stake in PRAMA and thereby acquiring control of the underlying operating businesses of the company. After that, TripBorn, Inc. entered into a share transfer agreement to acquire PRAMA Hotels and Resorts Limited from the shareholders of PRAMA Hotels and Resorts Limited on April 22, 2019. The transfer of shares of PRAMA is expected to occur in stages. The first part of the acquisition is expected to occur on or before April 25, 2019, with 51% of the PRAMA shares being transferred to TripBorn, Inc. in exchange for $1.4 million cash and 2.6 million shares of TripBorn, Inc., representing approximately 2.7% of the issued and outstanding shares of TripBorn, Inc.. The transfer of the remaining 49% of the PRAMA shares is expected to occur later in 2019, subject to final negotiation and confirmation of the consideration to be paid by TripBorn, Inc. for such PRAMA shares. As of April 22, 2020, TripBorn, Inc. (OTCPK:TRRB) acquired 51% stake in PRAMA Hotels and Resorts Limited for approximately $3.2 million, consisting of $1.4 million in cash and $1.8 million worth in common stock (2,632,653 shares). The closing of the transaction is subject to the satisfaction of certain closing conditions, including a requirement that TripBorn, Inc. demonstrate the availability of funds sufficient to satisfy the operating and statutory liabilities of PRAMA. There can be no assurance that these closing conditions will be satisfied.