Joint Venture29 Mar 2025, 01:12 am
Phoenix Township Ltd Approves MoU with Marriott Group, Warrant Allotment, and Acquisition of Palolem Resorts LLP
AI Summary
Phoenix Township Ltd has approved a Memorandum of Understanding (MoU) with the Marriott group of hotels to build a hotel in Kerala. The company also approved the allotment of equity shares on conversion of 13,66,000 warrants into 13,66,000 equity shares at an issue price of Rs. 143/- each. Additionally, Phoenix Township Ltd will hold 97.96% stake in Palolem Resorts LLP through its direct capital contribution. The company will receive an additional consideration of Rs. 50 Crores from M/s. Green First Estate Private Limited for the sale of land.
Key Highlights
- Phoenix Township Ltd approved MoU with Marriott group to build a hotel in Kerala.
- The company allotted equity shares on conversion of 13,66,000 warrants into 13,66,000 equity shares.
- Phoenix Township Ltd to hold 97.96% stake in Palolem Resorts LLP.
- The company will receive an additional consideration of Rs. 50 Crores from M/s. Green First Estate Private Limited for the sale of land.
- The transaction with Palolem Resorts LLP is a related party transaction as the promoter group has an interest in the LLP.