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News Update as at 18.00 hrs (IST)


Corporate
Advani Webtex arm plans to buy stake in Advani Hotels

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MUMBAI: Fasttrack Impex Pvt Ltd, a subsidiary company of the Arrow Webtex Ltd plans to acquire 92,43,850 equity shares of Advani Hotels & Resorts India Ltd with the face value of Rs 2 each, fully paid up, representing 20% of the total paid up capital of the company under the SEBI (Substantial Acquisition and Takeover Regulations), 1997.

Arrow Webtex Ltd would be funding up to 100% of the consideration required by Fasttrack Impex Pvt Ltd for the said offer.

In view thereof, Arrow Webtex Ltd would be construed as a "person acting in concert" in relation to the Offer.

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