India's Chalet Hotels rises nearly 3% on acquisition plans

Chalet Hotels

23/03/2023 05:58

** Shares of Chalet Hotels  CHAL.NS  rise as much as 2.71%
to 372 rupees
    ** Luxury hotels developer and operator approves execution
of share purchase agreement to buy 100% stake in real estate
firm Sonmil Industries for 746.45 mln rupees
    ** CHAL also signed deal to buy 82.28% stake in The Dukes
Retreat Pvt for 817.56 mln
    ** The acquisition is likely to bring in synergy benefits as
the line of business on Sonmil and The Dukes Retreat is the same
as the company: CHAL
    ** The indicative time for completion of the acquisition is
March 31, 2023
    ** All six analysts tracking CHAL maintain "buy"; median TP
is 483.50 rupees - Refinitiv data




 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))