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Stock Report
The Indian Hotels Company Ltd to acquire Pamodzi Hotels PLC in Zambia
Posted On : 2023-07-28 11:37:11( TIMEZONE : IST )
The Indian Hotels Company Limited ('the Company') or one of its subsidiaries to purchase 100% equity of Pamodzi Hotels PLC (presently a listed company in Zambia) from Tata International Singapore PTE Ltd.
Pamodzi Hotels PLC has long term lease hold rights for Taj Pamodzi, Zambia - a luxury hotel in Lusaka city, Zambia. The Company presently operates this hotel under a Hotel Operating Agreement entered between the Company and Pamodzi Hotels Pie.
Presently, 90% equity of Pamodzi Hotels PLC is owned by Tata International Singapore PTE Ltd. The transaction is subject to Tata International Singapore PTE Ltd acquiring the balance 10% equity in Pamodzi hotels PLC through a delisting process in Zambia.
The Enterprise Value for Pamodzi Hotels PLC is USD 15 million, adjustments for all outstanding debts and deposit. The purchase consideration to be paid to Tata International in 3 tranches - 15% upon execution of Sale purchase agreement, 40% after 12 months and balance 45% after 24 months.
To enter into a Lease Agreement for a proposed hotel in Frankfurt, Germany
The company will also enter into a Lease Agreement, for operation of a hotel in Frankfurt, Germany, for a period of 20 years with right of two renewals of 5 years each, on the following terms and conditions:
a) Capex Investment for renovation of aforesaid hotel of upto Euro 5 Million by IHCL or through one of its subsidiary.
b) Incorporation of a new wholly owned indirect subsidiary in Germany to enter into the above lease and incur such incorporation expenses as may be required for the same.
c) Issuance/Placement of Bank/Insurance Guarantee/Deposit by IHCL or its subsidiary of upto Euro 3 Million.
d) Issuance of Corporate Guarantee by IHCL or its subsidiary in favour of the lessor upto Euro 10.05 Million for the entire term.
Shares of The Indian Hotels Company Limited was last trading in BSE at Rs. 385.00 as compared to the previous close of Rs. 390.25. The total number of shares traded during the day was 174946 in over 4821 trades.
The stock hit an intraday high of Rs. 394.95 and intraday low of 384.00. The net turnover during the day was Rs. 67632620.00.
