Asian Hotels (North) Limited has disclosed an amendment to the fair value assessment for its ongoing preferential issue, as part of regulatory compliance under SEBI Listing Regulations. The company announced on December 15, 2025, that the fair value per share has been revised upward while maintaining the original issue price for the Rs 764.94 crore investment from Elana Holdings Pte. Ltd., Singapore.

Fair Value Revision Details

The independent registered valuer, M/s GAA Advisory LLP, has updated the fair value assessment for the preferential issue:

Investment Structure Remains Unchanged

Despite the fair value revision, the core terms of the investment agreement with Elana Holdings remain intact:

Regulatory Compliance and Documentation

The fair value revision has been made in compliance with Regulation 166A(1) of SEBI ICDR Regulations, 2018. The updated valuation report is now available on the company's website at the dedicated preferential issue section. This disclosure follows the original EGM notice dated October 14, 2025, and the subsequent corrigendum dated October 31, 2025.

Capital Structure and Approval Status

The preferential issue remains subject to shareholder approval, with the company having scheduled an Extraordinary General Meeting for November 8, 2025. The proposed increase in authorized share capital from Rs 70.00 crore to Rs 75.00 crore, along with the expansion of equity shares from 4,00,00,000 to 4,50,00,000, continues as planned.

Strategic Implications

The upward revision in fair value, while maintaining the issue price, indicates that the preferential issue terms remain favorable for the company. The investment is specifically earmarked for addressing outstanding loans and defaulted interest, positioning Asian Hotels (North) Limited for improved financial health. Elana Holdings will participate as a financial investor without control rights or board representation, ensuring the company maintains operational independence while securing necessary capital for debt restructuring.

Asian Hotels (North) Limited has announced significant corporate actions that could reshape its capital structure and ownership. The company's Board of Directors has approved two major proposals: an increase in authorized share capital and a substantial preferential issue to a non-promoter entity.

Authorized Share Capital Increase

The Board has given the green light to increase the company's authorized share capital from Rs. 70.00 crore to Rs. 75.00 crore. This will be achieved by adding 50 lakh equity shares with a face value of Rs. 10 each. The move is subject to shareholder approval and other regulatory clearances.

Preferential Issue Details

In a more significant development, the Board has approved a preferential issue of up to 2.32 crore equity shares at Rs. 330.00 per share to Elana Holdings PTE. LTD, a non-promoter entity. This move is expected to raise approximately Rs. 765.00 crore for the company.

Key details of the preferential issue:

Ownership Impact

Post-allotment, Elana Holdings PTE. LTD is set to hold a significant 54.37% stake in Asian Hotels (North) Limited on a fully diluted basis. This marks a substantial shift in the company's ownership structure.

Regulatory Compliance

The preferential issue price has been determined in compliance with Regulation 164A of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The entire process is subject to shareholder approval and other necessary regulatory clearances.

Upcoming Extraordinary General Meeting

To seek shareholder approval for these proposals, an Extraordinary General Meeting (EGM) has been scheduled for November 8, 2025. The company has set October 10, 2025, as the cut-off date for determining shareholder eligibility to participate in the EGM.

Conclusion

These corporate actions represent a significant development for Asian Hotels (North) Limited, potentially impacting its capital structure, ownership, and future strategic direction. Shareholders and market participants will be keenly watching the outcome of the upcoming EGM and the subsequent implementation of these proposals.