Tata Group hospitality firm Indian Hotels Company Ltd (IHCL), on Thursday, announced that it has invested ₹55 crore in Genness Hospitality and ₹35 crore in Qurio Hospitality through a rights issue.
” This is to inform you that The Indian Hotels Company Ltd, on November 22, 2023, has invested ₹55 crore in the equity shares of Genness Hospitality Private Ltd and ₹35 crore in the equity shares of Qurio Hospitality Private Ltd by way of subscription to Rights Issues,” Indian Hotels Company said in a regulatory filing.
Genness Hospitality, established on February 1, 2022, is currently in the process of developing a greenfield project known as Vivanta Hotel in Ekta Nagar, Gujarat. The investment involves acquiring equity shares of Genness, a pre-existing wholly owned subsidiary of The Indian Hotels Company. This recent infusion ensures that the company maintains its complete 100% ownership of Genness.
At the same time, Qurio Hospitality Private Ltd, established on February 2, 2022, for the initiation of a green project (Ginger Hotel) in Ekta Nagar, Gujarat, is currently progressing through the development phase.
The transaction involves acquiring equity shares of Qurio, an existing wholly owned subsidiary of The Indian Hotels Company Ltd. Despite this investment, the company’s ownership in Qurio remains unchanged at 100%.
In the second quarter of FY24, The Indian Hotel Company reported a consolidated profit after tax (PAT) of ₹67 crore, reflecting a 37% increase. In the same period last year, the PAT was ₹121.56 crores.
The total income from operations for the period July-September rose to ₹1,480.87 crore, as compared to ₹1,257.57 crore in the corresponding quarter of 2022-23. Total expenses also increased to ₹1,248.68 crore, up from ₹1,101.20 crores.
The share price of Indian Hotels ended at ₹419.90 per share, up 0.70% on NSE. The stock opened at ₹417 early morning business on Thursday.
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Updated: 23 Nov 2023, 22:36 IST