Prestige Estates Projects Limited has entered into an investment agreement dated July 3, 2026 to acquire a 50% stake in Advent Convention and Hotels International Limited.
Advent Convention and Hotels International Limited is a Public Limited Company incorporated in 2024, operating in the real estate development sector in Mumbai. The target entity is developing a commercial project on lands measuring 21,978.22 sq. mts. located at Sahar, Village - Andheri, Taluka - Andheri East, District - Mumbai Suburban District.
The project has a total leasable area of approximately 1.50 million sq. ft. with a Gross Development Value of around Rs 4,500 crore. The Company will infuse an amount of up to Rs 504 crore for the acquisition through its wholly owned subsidiary.
The acquisition is not a related party transaction, and the Company’s promoters/ promoter group have no interest in this transaction. The target entity’s turnover for the year ended March 31, 2026, is Nil, with similar results for fiscal years 2024-25 and 2025-26.
The investment agreement specifies completion within 45 days from the agreement date unless otherwise mutually agreed by the parties. The transaction involves cash consideration for the 50% stake acquisition.
Securities and Exchange Board of India (Listing Obligations and Disclosures Requirements) Regulations, 2015 compliance has been initiated in accordance with Regulation 30-Para A Schedule III. The disclosure has been made as required under SEBI circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.
Disclaimer: This article is based on company filings submitted to the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) and is for informational purposes only. It does not constitute investment advice or a recommendation. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.