Eco Hotels and Resorts Ltd to acquire 44.46% in Eco Hotels India Pvt Ltd

The board of directors of Eco Hotels and Resorts Limited (Formerly known as Sharad Fibres & Yarn Processors Limited) have approved the proposal for acquisition of 44.46% equity shares in Eco Hotels India Private Limited company ("EHIPL"), a private limited company, incorporated under the Companies Act, 1956, bearing Corporate Identity Number U55101KL2008PTC022097, with its registered office at No.67/6446, Basin Road, Ernakulam, Kerala - 682031, from its existing shareholders and promoters, at an acquisition price as may be determined by Independent Registered Valuer in terms of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018 ("SEBI ICDR Regulations").

The board approved the proposal to pay the 76.25 Crores consideration for acquisition of (EHIPL) by way of issuance of such number of fully paid-up equity shares of Eco Hotels and Resorts Limited (Formerly known as Sharad Fibres & Yarn Processors Limited) on preferential basis to the shareholders of the EHIPL, i.e., by way of 44.46% share swap, at such price as determined in accordance with SEBI ICDR Regulations.

Shares of Eco Hotels and Resorts Limited was last trading in BSE at Rs. 37.18 as compared to the previous close of Rs. 36.46. The total number of shares traded during the day was 39791 in over 25 trades.

The stock hit an intraday high of Rs. 37.18 and intraday low of 37.18. The net turnover during the day was Rs. 1479429.00.

Source : Equity Bulls

Keywords

EcoHotelsandResorts INE638N01012 Acquisition EcoHotelsIndia