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Tatas sells $48m Ginger Hotels group stake to Singapore with AZB, Amarchand

Amarchand Mangaldas and AZB & Partners have advised on Tata-owned Indian Hotels’ minority stake sale in subsidiary Roots Corporation to Singapore-based Omega TC Holdings for Rs 150 crore.

Amarchand Mangaldas Mumbai-based senior partner Vandana Shroff acted for Roots Corporation, which is a wholly owned subsidiary of Indian Hotels Limited that operates Taj Hotels amongst various other hotels in India and abroad.

AZB partner Ashwin Ramanathan led for Omega Holdings which has also proposed to raise Rs 70 crore through acquisition of existing shareholder’s Compulsorily Convertible Preference Shares (CCPS).

The deal also involves an optional fund raising of additional Rs 100 crore by the investor company subject to meeting certain conditions up till March 2014.

Roots operates Tata’s budget hotels brand Ginger.

In August of last year AZB-advised Reliance Industries bought a $217m stake in the owner of the Oberoi Hotels chain, which was advised by Khaitan & Co.

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