Transaction Details
On July 3, 2026, the company entered into an investment agreement to acquire a 50% stake in Advent Convention and Hotels International Limited. The acquisition involves a cash consideration where Prestige Estates and/or its wholly owned subsidiary will infuse an amount of up to ₹504 crores.
Target Company Background
Advent Convention and Hotels International Limited is a Public Limited Company incorporated in 2024 that operates in the real estate development business. The company has had no turnover for the past three financial years:
- FY 2025-26: Nil
- FY 2024-25: Nil
Project Details
The target company is undertaking development of a commercial project in Mumbai on land measuring 21,978.22 square meters located at Sahar, Village – Andheri, Taluka – Andheri East, District – Mumbai Suburban District. The project entails:
- Total leasable area: Approximately 1.50 million square feet
- Gross Development Value: Approximately ₹4,500 Crores
Transaction Specifics
- Related Party Status: The transaction does not fall within related party transactions
- Promoter Interest: The promoter/promoter group of Prestige Estates have no interest in this transaction
- Government Approvals: No governmental or regulatory approvals required
- Completion Timeline: To be completed within 45 days from the date of the agreement unless otherwise mutually agreed by parties