1. The Board by passing a unanimous resolution approved the acquisition of M/s Rightfest Hospitality LLP. The detailed disclosure as required under Regulation 30 of SEBI (LODR) Regulations, ....
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The Board of Spice Lounge Food Works Ltd approved the acquisition of 100% stake in Rightfest Hospitality LLP, a Hyderabad-based luxury hospitality firm founded in 2022. Rightfest runs lifestyle venues like SALUD (Goa) and XORA Bar & Kitchen (Hyderabad), and has shown rapid revenue growth — turnover rose from Rs. 15 Cr in FY23 to Rs. 25 Cr in FY24 to Rs. 42 Cr in FY25. The deal is classified as a related party transaction because the company's Non-Executive Independent Director, Mr. Vinay Kesaram, currently holds a majority stake in Rightfest, which will become NIL post-acquisition. The transaction is stated to be done at arm's length, with consideration possibly in cash, share swap, or a mix of both, and is expected to complete within 12 months. Additionally, the Board authorized the Chairman to explore acquiring a majority stake in Blackstone Management LLC.
The acquisition gives Spice Lounge a foothold in the fast-growing premium nightlife and experiential entertainment segment, complementing its core food business. However, investors should watch for the final deal valuation (yet to be disclosed) and note the related-party nature of the transaction, which requires careful scrutiny.