Majestic Auto Completes ₹105.4 Cr Acquisition of Sharan Hospitality

Majestic Auto Ltd has announced the completion of its acquisition of Sharan Hospitality Private Limited (SHPL). The total infusion of funds amounts to ₹1,05,42,80,536, comprising ₹76,14,80,536 towards subscription of securities (₹5 Crore in Equity Shares and ₹71,14,80,536 in Non-Convertible Debentures) and ₹29,28,00,000 via an Inter-Corporate Deposit. Following the allotment of equity shares, SHPL has become a wholly-owned subsidiary of Majestic Auto. The company will transfer the acquired securities, along with pending NCDs and proposed Bonus Redeemable Preference Shares, to NovumLake Property Fund and 360 ONE Real Assets Advantage Fund upon completion of requisite corporate actions.