Max Estates Ltd to acquire 100%in Accord Hotels and Resorts Pvt Ltd

Max Estates Limited, wholly owned subsidiary of Max Ventures and Industries Limited has executed a Share Purchase Agreement on June 4, 2022 for acquisition of the 100% equity share capital of Accord Hotels and Resorts Private Limited.

The cost of acquisition is cash consideration of INR 293 cr. (Enterprise value of INR 306 cr.)

The reason to acquire Accord Hotels and Resorts Private Limited is to use its only asset i.e. a ~10 acre land parcel located in Sector 128, Noida for the purpose of developing a mixed use residential community with an estimated saleable area of ~1 Mn Sq. Ft.

Post-acquisition, Accord Hotels and Resorts Private Limited will become a wholly owned subsidiary of Max Estates Limited.

Shares of Max Ventures and Industries Limited was last trading in BSE at Rs. 95.50 as compared to the previous close of Rs. 97.35. The total number of shares traded during the day was 1195 in over 36 trades.

The stock hit an intraday high of Rs. 98.15 and intraday low of 94.55. The net turnover during the day was Rs. 113706.00.

Source : Equity Bulls

Keywords

MaxVenturesandIndustries INE154U01015 MAXVIL MaxEstates Acquisition AccordHotelsandResorts