Panoramic Universal plans to acquire two firms

New Delhi, Feb 21 (UNI) Panoramic Universal Ltd (PUL) today said it will acquire Sri Vatsa Hotels Pvt Ltd (SVHPL) as a wholly-owned subsidiary for Rs 16 crore to construct a three-four star hotel with 90 rooms at Secundarabad.

Discussions are in progress and the company proposes to sign an MoU With the shareholders of SVHPL shortly, a statement said.

In addition, the company will also acquire 100 per cent stake in Ambitious Infrastructure Pvt Ltd for foraying into infrastructure and real estate projects.

Meanwhile, the company's board decided to increase its authorised capital from Rs 25 crore to Rs 75 crore by creation of Rs 50 crore as preference share capital.

UNI