Old May 29, 13, 2:33 am
  #47  
Kagehitokiri
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Join Date: Jun 2006
Location: IAD/DCA
Posts: 31,510
dlfrhp_ippoffer.pdf >

We cannot assure you that the proposed sale of our shareholding in Silverlink will be completed within the expected timeframe, or at all.

Our wholly owned subsidiary, DLF Global Hospitality Limited, has entered into a share purchase agreement in December 2012 with Mahaman Assets Limited (“Mahaman”) for the sale of our shareholding in Silverlink, which owns hotels and resorts operating under the “Aman Resorts” brand, at an enterprise value of approximately U.S.$300.0 million (or, `16,281.8 million). Pursuant to an amendment agreement dated April 10, 2013 and upon satisfaction of certain conditions specified under the share purchase agreement, including the receipt of applicable regulatory approvals, we expect this transaction to be completed by June 30, 2013. However, we cannot assure you that the proposed sale of our shareholding in Silverlink will be completed within the expected timeframe, or at all. In the event the agreement is terminated for any reason, we will not receive the proceeds from this transaction. Further, until this transaction is completed, our hotels business will continue to be affected significantly by the risks affecting the hospitality industry which, among others, include seasonality, adverse economic conditions, commodity inflation, stringent regulation and competition.

Silverlink operates 25 hotels and resorts in 15 international locations and two hotels in India under the “Aman Resorts” brand with more than 976 keys. Of the 25 international hotels and resorts, 14 are owned by Silverlink.

However, The Lodhi, which is a hotel property with 40 keys and 28 serviced apartments located in New Delhi, was not included in this sale. We continue to own and operate this hotel property.
Originally Posted by Kagehitokiri View Post
total assets of Rs 229,111.76 lacs
total revenues of Rs Nil
total cash flows of Rs 15,578.14 lacs
at December 31, 2007

total assets of Rs. 190,585.80 lacs
revenues of Rs. 40,287.04 lacs
total cash outflows of Rs. 10,404.82 lacs
year ended December 31, 2008

assets of Rs. 176,684.45 lacs
revenues of Rs. 24,889.89 lacs
total cash outflows of Rs. 437.14 lacs
December 31, 2009

assets of ` 173,858.70 lacs,
revenues of ` 36,980.45 lacs
total cash outflows of ` 513.57 lacs
year ended December 31, 2010
assets ` 248,251.47 lacs
total revenues ` 39,398.37 lacs
net cash flows ` 958.16 lacs
year ended December 31, 2011

total assets ` 262,055.42 lac,
total revenues ` 47,158.30 lac
net cash outflows of ` 403.14 lac
year ended December 31, 2012
and latest presentation >
Aman is expected to close by June 30, 2013. Given that it is a MBO, it is taking some time to achieve financial closure.

Last edited by Kagehitokiri; Dec 20, 13 at 12:52 pm
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