In its meeting on March 21, 2024, SAMHI Hotels Limited sanctioned investments in its wholly-owned subsidiaries as follows: Firstly, an amount of INR 5,55,19,800/- (Indian Rupees Five Crore Fifty Five Lakh Nineteen Thousand and Eight Hundred only) was allocated to Duet India Hotels (Pune) Private Limited (“Duet Pune”), for subscribing to 55,51,980 (fifty five lakh fifty one thousand nine hundred and eighty) equity shares priced at INR 10/- (Indian Rupees Ten only) each, through a rights issue. Secondly, an investment of INR 1,31,34,000/- (Indian Rupees One Crore Thirty One Lakh Thirty Four Thousand only) was approved for Duet India Hotels (Ahmedabad) Private Limited (“Duet Ahmedabad”), for subscribing to 13,13,400 (thirteen lakh thirteen thousand four hundred) equity shares, also priced at INR 10/- (Indian Rupees Ten only) each, through a rights issue. Importantly, these investments maintain the Company’s existing shareholding percentage in both Duet Pune and Duet Ahmedabad.
Duet Pune, incorporated on July 21, 2006, primarily operates in the field of Hotel Ownership and Asset Management. Over the past three years, its turnover has shown significant growth, with figures as follows: INR 553.71 million in the financial year 2022-23, INR 283.67 million in 2021-22, and INR 156.39 million in 2020-21. The entity is based in India.
Similarly, Duet Ahmedabad, established on June 28, 2006, also focuses on Hotel Ownership and Asset Management. Its turnover has demonstrated a similar upward trend over the last three years: INR 241.5 million in 2022-23, INR 124.46 million in 2021-22, and INR 73.70 million in 2020-21. Like Duet Pune, Duet Ahmedabad operates within India.