Vidli Restaurants Limited (BSE:539659) agreed to acquire 84.01% stake in Vitizen Hotels Limited from Conwy Hospitality Private Limited on August 20, 2021. The consideration will be paid in cash. One share is purchased for INR 13, making the transaction vale for INR 40.89 million.

Subsequent to the acquisition, Vitizen Hotels will become a material subsidiary of the Vidli Restaurants. Vidhi V. Kamat will be appointed as a Director on the Board of the Vitizen Hotels. As on March 29, 2022, Arun Jain, Independent Director of the Vidli is appointed as a Director on the Board of Vitizen Hotels Limited.

The Vidli Restaurants granted it's in principle approval to raise funds for the purpose of acquisition. The transaction has been approved by the Vidli Restaurants Board of Directors. The transaction is subject to the members by Ordinary Resolution proposed to be passed at the ensuing Annual General Meeting.

As on September 17, 2021, the transaction has been approved by the members of Vidli. As on December 18, 2021, Vidli Restaurants Limited (BSE:539659) entered into and executed the share purchase agreement to acquire 84.01% stake in Vitizen Hotels Limited from Conwy Hospitality Private Limited. The transaction is subject to the terms and conditions as specified.