Asian Hotels promoters Saraf Industries acquires additional 10.5% stake in the firm

Our Bureau | | Updated on: Feb 11, 2022

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Acquisition at ₹184 a share

Asian Hotels promoters Saraf Industries is acquiring an additional 10.5 per cent stake in the company at ₹184 a share.

The promoter group led by Radhe Shyam Saraf now has 41.99 per cent stake in the debt-strapped-hospitality company Asian Hotels.

The company said that Saraf Industries had acquired 12,10,000 equity shares for 10.5 per cent stake at a face value of ₹184 per share. Prior to this, Saraf Industries owned 31.49 per cent stake in the company; with this purchase, the company now owns a 41.99 per cent stake in the company. It has paid ₹22.26 crore for the said stake.

“The aggregate holding of Promoter and Promoter Group of the Target Company before and after the aforesaid inter-se transfer of equity shares will remain the same,” it added.

Yes Bank takes possession

According to recent reports, Yes Bank took possession of Hotel Hyatt Regency building and a plot of land situated close to the Chhatrapati Shivaji International Airport in the city, after its parent company Asian Hotel (West) defaulted on loan repayment of ₹267 crore.

In June this year, the company’s mounting debts, pending litigations, and the Covid-19 pandemic led to the closure of Hyatt Regency Mumbai’s parent company Asian Hotels (West). Just months before the company defaulted on multiple payments, it had applied for a one-time debt restructuring of its loans. The company’s total debt was ₹1,211.85 crore for FY20.

Published on November 30, 2021
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