Announced Fri, 3 Jul · 18:48 IST
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.
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
5m10m15m30m1D2D3D4D5D7D15D1M2M3M
-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
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.
Likely market impact
Positive: Prestige Estates joins as JV partner with Rs 504 Cr consideration for 50% stake, enabling joint development of prime Mumbai land.