Investment Update: JP Morgan Chase's real estate division aims to acquire an approximately 18% stake in Core Hotels Ventures for INR 100 crore, dependent on final authorization from Finance Minister P Chidambaram.
Hotel Development: Core Hotels Ventures, involved in project management and hotel maintenance, is constructing two hotels in Hyderabad.
Subscription Details: The proposal includes subscribing to 1.42 crore shares at INR 70 per share, as requested by J P Morgan India Property Mauritius Company II.
Recent Activity
Core Hotels Ventures previously secured foreign direct investment (FDI) from Indus Hotels (Mauritius) Ltd for a 12.8% stake.
The company was allotted slightly over one crore shares under the previous FDI.
Company Profile
JP Morgan Chase: Engages in a range of financial services including asset management, investment banking, private banking, and securities services.