Mumbai: Clothing label manufacturer Arrow Webtex Ltd said on 28 December it has acquired Victor Hotels and Motels Ltd in a share swap deal.
The acquisition was facilitated through Highstreet Cruises and Entertainment Pvt Ltd, a subsidiary of the company.
Through this acquisition, the company is planning to set up an offshore gaming business, Arrow Webtex said in a communique to the Bombay Stock Exchange.
Under the arrangement, Highstreet Cruises and Entertainment acquired 100% in Victor Hotels and will give 10% to Victor’s holding company Diana Buildwell Pvt Ltd in exchange.
Diana Buildwell is a wholly-owned subsidiary of Indiabulls Real Estate Ltd.
Shares of the company were at Rs709.65, down 2.51% on the BSE in morning trade.