Samhi Hotels Limited has informed the Exchange about investment of funds of the Company in one of its wholly-owned subsidiaries, namely, Ascent Hotels Private Limited, by way of secondary acquisition of shares, which has been considered & approved by the Board of Directors of the Company in its meeting held today, i.e., 14th May 2025. The relevant details are provided in the disclosure for your information & records.
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Samhi Hotels' Board, on 14th May 2025, approved investing Rs 45 crore in its wholly-owned subsidiary Ascent Hotels Private Limited by acquiring 67.26 lakh equity shares from Vascon Engineers Limited through a secondary purchase. The shares are being acquired immediately after conversion of equivalent Optionally Convertible Debentures (OCDRs) held by Vascon, ensuring Samhi retains 100% ownership of Ascent. Ascent reported a turnover of Rs 140 crore in FY25 and operates in hotel ownership and asset management. The transaction is a pre-closing condition for the previously announced deal where GIC affiliate Reco Bellflower will acquire 35% stake in three Samhi subsidiaries, and is expected to complete on or before 23rd May 2025.
This is an internal restructuring step (buying back full control of a subsidiary) funded by the company itself, with no change in ultimate ownership. For shareholders, the deal is significant only as a pre-condition to the larger GIC (Singapore sovereign wealth fund) transaction, which could bring in a marquee investor and is likely to be viewed positively by the market.