Announced Fri, 3 Jul · 18:58 IST
Prestige Estates acquires 50% in Advent Hotels sub for Rs 504 Cr JV
ADVENTHTL · price
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Price reaction · full curve 14 horizons · vs prior close
+4.1%1-day move
₹141.23
prior close
₹153.09
base price
After-mkt
timing
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-0.5-1.7-1.6-1.7+4.1+1.1+2.0+5.0+8.1+2.7+5.3———
Up moveDown movePending
AI summary
Prestige Estates will acquire 50% equity in Advent Hotels wholly-owned subsidiary ACHIL for Rs 504 Crores, converting it into a 50:50 joint venture. ACHIL holds a 21,978 sq m land parcel in Sahar, Andheri East, Mumbai earmarked for joint commercial development. The deal follows an earlier framework agreement and an NCLT-approved demerger of the hotel undertaking into the Company. After the transaction, ACHIL will cease to be a wholly-owned subsidiary.
Likely market impact
Prestige Estates brings a marquee partner and Rs 504 Cr capital for the Andheri East project, de-risking execution while diluting full ownership of the subsidiary.