Indian Hotels to infuse $11.5 mln in Netherlands unit

The investment amount will be used by IHOCO BV to further make investment in its subsidiary viz. United Overseas Holding Inc in USA to repay its debt & for other operational purposes.

IHCL currently owns 100% of the paid-up equity share capital of its wholly owned subsidiary, IHOCO BV, which is incorporated in the Netherlands and serves as IHCL's apex holding company for its overseas hospitality investments.

IHCL plans to acquire an additional 3% of the paid-up equity share capital of IHOCO, which amounts to 11,16,505 equity shares. The consideration for this transaction is Rs 95.66 crore. It is important to note that there are no interests held by the promoter, promoter group, or group companies in IHOCO.

Indian Hotels Company is primarily engaged in the business of owning, operating & managing hotels, palaces and resorts. The company's consolidated net profit jumped 30.8% to Rs 222.44 crore on 15.8% increase in net sales to Rs 1,466.37 crore in Q1 FY24 over Q1 FY23.

Shares of Indian Hotels Company rose 0.68% to Rs 408.85 on 25 September 2023.

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