Trikona Trinity Capital PLC said it has received an offer for the acquisition of Dynamix Balwas Hospitality Pvt Ltd by Trikona Hospitality Vertical, a wholly owned subsidiary of Trikona Capital Ltd, for 18.26 mln stg cash.
Trikona Trinity, a fund created for investing in real estate across India, has a 9.5 pct holding in Dynamix Balwas Hospitality, which comprises a private development company, owning an operational 5-star hotel in Mumbai and land to develop further hotels in Mumbai, Pune and Goa.
Trikona Trinity said the proposed transaction will yield an internal rate of return (IRR) of 74 pct on the invested capital, and added it plans to use the proceeds to invest in further projects in line with its investment strategy.
The company said the transaction is conditional upon the successful completion of a private placement in Trikona Hospitality Vertical and/or the listing of Trikona Hospitality Vertical units on an international stock exchange.
Source: Hemscott