Shares of hospitality firm Royal Orchid Hotels surged over five per cent on January 11, after the company completed 100 per cent acquisition of Amartara Hospitality by buying additional 24.9 per cent stake in it.
The stock moved up by 5.13 per cent to end at INR 79.90 on BSE. During the day, it jumped 13.68 per cent to INR 86.40. At NSE, shares of the company surged 5.2 per cent to close at INR 79.85. Upon acquisition of shares, Amartara Hospitality has become 100 per cent subsidiary of the company, Royal Orchid Hotels said in a filing to BSE.
Royal Orchid Hotels held 75.10 per cent shares in the target company and has acquired additional 24.90 per cent stake, it added.
The shares are acquired at a consideration of INR 2.5 crore.