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Mergers & Acquisitions | 23 October 2012

DB Hospitality May Cut Stake In Delhi Airport Hotel SPV

by Sushil Surana
 
@Hemant_Kaul

DB Hospitality is planning to cut stake up to 49% in the SPV formed to develop an eight-acre plot in the hospitality district of @Delhi_International, according to ET.

DB Hospitality aims to raise around R350 Cr from this stake sale.

Last year, @DB_Realty picked up 49% equity stake in DB Hospitality.

DB Hospitality was also looking to raise around R1500 Cr for execution of the hotel projects by selling stake in any of its three operational and five under-construction properties, last year.

In 2009, Delhi International Airport Ltd (DIAL), the consortium that manages the Delhi airport, had auctioned and sub-leased 14 plots for development. DB Hospitality, the hotels business arm of DB Realty, was awarded the plot under this bidding process for a rental and development charge of R400 Cr.

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Ace Investor Rakesh Jhunjhunwala Backs Remedinet Technologies

Ace investor Rakesh Jhunjhunwala has invested an undisclosed amount in Remedinet Technologies, software firm which provides solutions to manage pre-authorised payments. The round also saw the participation of existing investors - Bessemer Venture Partners and Nirvana Venture Advisors Private Limited.

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