Juniper Hotels May Acquire Hyatt Regency Mumbai and Chennai from Saraf Hotels

Juniper Hotels Limited has received letters from Saraf Hotels regarding a Right of First Offer Agreement (ROFO Agreement). The Company has a right of first offer in case of a proposed sale of any shareholding interest held by Saraf Hotels and/ or its affiliates in any entity incorporated in India and operating in the hospitality sector. The board of directors of the Company has taken note of the ROFO Letters and discussed the potential acquisitions of Hyatt Regency Mumbai and Hyatt Regency Chennai. The proposed transaction, if proceeded with, will be subject to necessary corporate approvals from the shareholders and regulators. The board of directors has appointed relevant consultants and advisors to evaluate the proposed transaction.