Announcement under Regulation 30 (LODR)-Acquisition
ITCHOTELS · price
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On the reaction day the stock moved 1.7 pts less than Nifty Midcap 150 and 0.1 pts less 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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ITC Hotels has entered into a Share Purchase Agreement to acquire 100% of Zuri Hotels and Resorts Private Limited (ZHRPL), which owns The Zuri Kumarakom, Kerala Resort & Spa. The deal values ZHRPL at an enterprise value of ₹205 crores (cash-free, debt-free basis), with total consideration not exceeding ₹175 crores for the equity plus debt repayment. The resort has 72 keys, 2 restaurants, a bar, and an Ayurvedic spa spread over 18 acres in Kumarakom, Kerala. Post-renovation, it will be rebranded as a luxury resort under ITC Hotels. The transaction is all-cash and expected to close within 7 working days. ZHRPL reported revenues of around ₹21.6-22 crore over the past 3 years.
Positive for ITC Hotels as it strengthens its luxury portfolio in Kerala's high-growth leisure destination. The acquisition adds a well-established resort property that can benefit from ITC Hotels' brand and operational strengths.