Eco Hotels and Resorts Limited agreed to acquire Vitizen Hotels Limited from Vidli Restaurants Limited for approximately INR 280 million.

Eco Hotels and Resorts Limited (BSE:514402) agreed to acquire Vitizen Hotels Limited from Vidli Restaurants Limited (BSE:539659) for approximately INR 280 million on February 9, 2024. The 45.25% purchase consideration of the transaction will be paid in cash of INR 126,544,788. and the balance 54.75% will be paid by way of allotment of 4,100,000 of fully paid up equity shares of Eco Hotels in lieu of 20,50,000 fully paid equity shares of nominal value of INR 10 per share of Vitizen Hotels Limited, on a preferential basis, to the respective Sellers, at a price per share of the Eco Hotels and Resorts Limited Company of INR 37.35.

Vitizen Hotels reported total assets of INR 167,144,000 as at December 31, 2023. The transaction has been approved by board of Vidli Restaurants Limited on February 9, 2024 and is expected to close in 6 months.