Prestige Estates to pick 50% stake in Advent Hotels arm for Rs 504 Cr
ADVENTHTL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 7.3 pts more than Nifty Microcap 250 and 7.8 pts more than its Hotels & Resorts peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Advent Hotels International signed an Investment Agreement with Prestige Estates Projects under which Prestige will acquire a 50% equity stake in ACHIL (a wholly-owned subsidiary) for Rs 504 Crores. ACHIL will become a 50:50 joint venture to develop a 21,978 sq m land parcel in Sahar, Andheri East, Mumbai. The JV follows an earlier framework agreement with erstwhile holding company Valor Estate and an NCLT-approved scheme of arrangement that vested the land in the company.
Positive: Prestige Estates joins as JV partner with Rs 504 Cr consideration for 50% stake, enabling joint development of prime Mumbai land.