M&A

M&A

Cineline sells Goa's Hyatt Centric hotel for Rs.270-Cr

Press Release   Economic Times   Hyatt Centric  

Mumbai-based publicly listed Cineline India Limited has sold its Goa-based hotel asset “ Hyatt Centric ” (owned by its wholly-owned subsidiary, R&H Spaces Private Limited) for an enterprise value of INR 270 crore to Sparsh Vidhyut Private Limited. This has resulted in debt reduction of INR 120 crore pertaining to the hotel asset at the subsidiary level.The company plans to utilize the sale proceeds to fully repay its outstanding debt of INR 108 Crores related to the film exhibition business, achieving a debt-free status. The remaining surplus will be allocated towards expansion of the core film exhibition business.