Royal Orchid Hotels up 14%, acquires additional stake in arm

Moneycontrol BureauShare price of Royal Orchid Hotels gained nearly 14 percent intraday Wednesday as it has acquired 24.9 percent shares in its subsidiary company.The company has acquired 24.9 percent shares in Amar Tara Hospitality, a subsidiary of company, for Rs 2.50 crore.The company held 75.10 percent in the target company and the acquisition is a part of settlement agreement between the joint venture partners. Upon acquisition of shares, Amar Tara Hospitality has become 100 percent subsidiary of company.At 12:02 hrs Royal Orchid Hotels was quoting at Rs 83.50, up Rs 7.50, or 9.87 percent on the BSE.Posted by Rakesh Patil