Advent Hotels Acquires Preference Shares in Subsidiary BDP for ₹10.95 Cr

Advent Hotels International Ltd announced the approval by its Board of Directors to acquire the entire 10,95,000 9% Non-Cumulative Redeemable Preference Shares of its subsidiary, BD and P Hotels (India) Private Limited (BDP). The acquisition, valued at approximately ₹10.95 crore, involves purchasing shares from existing preference shareholders. This move is to facilitate the creation of security for senior, secured, interest-bearing, redeemable non-convertible debentures (NCDs) to be issued by BDP and another subsidiary, Goan Hotels & Realty Private Limited. The transaction is considered a related party transaction, with the promoter/promoter group having an interest, but is being conducted at arm's length. The acquisition is expected to be completed within 30 days.