Valor Estate Ltd raises funds through QIP, to demerge hospitality business

Valor Estate Limited's Board of Directors approved:

1. Allotment of 356.66 lakh equity shares after the successful completion of Rs 920 crore Qualified Institutional Placement (QIP) on March 14, 2024. The QIP received the requisite response from global, and domestic investors. The successful completion of the QIP reflects strong long-term fundamentals and investor confidence in the Company. In less than 2 years, the Company has completed 3 equity raises of about Rs 2,470 crores. Consequently, the consolidated net worth of the Company is now more than Rs 5,000 crores nearly a threefold increase in less than two years. This reflects a steady investor support for the business, strategy, and management.

2. Incorporate a new wholly owned subsidiary, Advent International Limited, to acquire the Company's substantial interests in the hospitality business through an NCLT scheme of arrangement (demerger) process. Subject to the requisite approvals, each shareholder of the Company as of the demerger record date will receive shares in Advent International Ltd. and will have an identical shareholding in both listed companies. Demerger will unlock shareholder value, and enable a differentiated strategy for capital, projects, operations, and the leadership team. Post-demerger the shares of Advent International will be listed on both BSE and NSE. Ernst and Young LLP (EY) has been appointed to advise the Board on the demerger process.

Shares of Valor Estate Ltd raises funds through QIP, to demerge hospitality business Limited was last trading in BSE at Rs. 224.75 as compared to the previous close of Rs. 249.70. The total number of shares traded during the day was 472544 in over 3160 trades.

The stock hit an intraday high of Rs. 250.15 and intraday low of 224.75. The net turnover during the day was Rs. 108540600.00.

Source : Equity Bulls

Keywords

ValorEstate INE879I01012 Realty Demerger HospitalityBusiness