Panoramic Universal to acquire Ambitious Infrastructure Pvt Ltd, Sri Vatsa Hotels Pvt Ltd

Panoramic Universal Ltd has announced that the Board of Directors of the Company at its meeting held on February 21, 2007 has discussed and / or approved the following:

1. Acquisition of M/s. Ambitious Infrastructure Pvt Ltd. as a wholly owned subsidiary Company

The Board has approved the acquisition of 100% stake in M/s. Ambitious Infrastructure Pvt Ltd in having its registered office in Mumbai. The Ambitious Infrastructure Pvt Ltd is being acquired for foraying into Infrastructure and Real Estate Projects.

2. Acquisition of M/s. Sri Vatsa Hotels Pvt Ltd as a wholly owned subsidiary Company

Panoramic Universal Ltd ("PUL") proposes to acquire 100% stake in M/s. Sri Vatsa Hotels Pvt Ltd ("SVHPL") having its registered office at Secunderabad. SVHPL owns a Commercial Complex in the heart of Secunderabad, just 1.5 Kms from the Airport. PUL proposes to construct either by itself or through SVPHL as its proposed subsidiary, a three/four star hotel with approximate 90 rooms at the said commercial complex owned by SVHPL. The purchase consideration for the acquisition is expected to be around Rs 16 Crores. Discussions are in progress and the Company proposes to sign an MOU With the shareholders of SVHPL shortly.

Source : Equity Bulls

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