The National Company Law Appellate Tribunal (NCLAT) has approved the resolution plan of Anirudh Agro Farms Limited (AAFL) to acquire for a consideration of about ₹150 crore. The Hyderabad-based company has infused the requisite funds into the hospitality venture as per the resolution plan approved by the tribunal.
“Through this acquisition, Anirudh Agro has forayed into the fast-growing hospitality space and is aiming to add more hotels over the next few years,” the company said in a statement on Thursday.
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Viceroy has two properties near the Tank Bund in Hyderabad. The hotels are operated by Marriott Group under the brands Courtyard and Marriott on a 4.5-acre freehold land with over 400 rooms.
“Loko Hospitality Private Limited, a special purpose vehicle of AAFL, has infused the upfront amount of R₹60 crore towards subscription of six crore equity shares with face value of ₹10 each in the company on October 10, 2023,” Viceroy Hotels informed the Bombay Stock Exchange.
The share of Viceroy Hotels gained 4.9 per cent to trade at ₹2.77 on BSE at 11.58 pm.