IHCL board approves amalgamation of Oriental Hotels into itself
INDHOTEL · price
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IHCL board approved amalgamation of associate Oriental Hotels (OHL) into itself. OHL revenue stands at INR 500.7 Cr with net worth of INR 480.5 Cr, versus IHCL revenue of INR 5,640 Cr and net worth of INR 12,767 Cr. Swap ratio fixed at 25 IHCL shares for every 117 OHL shares. OHL operates hotels mainly in Tamil Nadu, Kerala and Karnataka. Fairness opinion given by Kotak Mahindra Capital. Scheme subject to NCLT sanction, shareholder and creditor approvals, and SEBI and stock exchange clearances. Post-merger, IHCL public shareholding rises from 61.88% to 62.50%, while OHL will cease to be a listed entity.
Consolidates IHCL hotel portfolio and simplifies group structure. OHL shareholders become IHCL shareholders. Subject to NCLT and regulatory approvals.