ITC Hotels shares fall 3% amid completion of GHK Hospitality acquisition

ITC Hotels Ltd shares fell 3 per cent in Wednesday's trade even as the company concluded the acquisition of GHK Hospitality for an enterprise value of Rs 155 crore. The acquisition was completed on a cash-free, debt-free basis, subject to customary adjustments as set out in the Share Purchase and Share Subscription Agreement executed on July 16, ITC Hotels informed NSE and BSE.

Following the development, ITC Hotels shares fell 2.67 per cent. The stock opened at Rs 161 apiece on BSE over its previous close of Rs 161.65. It later hit a low of Rs 155.95 apiece.

ITC Hotels said it completed the acquisition of 2,82,27,741 equity shares of GHK Hospitality on September 1. The acquisition comprised 1,54,54,545 equity shares through primary subscription and 1,27,73,196 equity shares through secondary purchases, according to the company's filing to the stock exchanges.

GHK Hospitality is a public limited company based in Ahmedabad, Gujarat, and operates in the hospitality business. It owns Welcomhotel Ahmedabad, a 130-key hotel. The acquired company reported an annual turnover of Rs 35.16 crore in FY26, compared with Rs 31.23 crore in FY25 and Rs 25.62 crore in FY24.

ITC Hotels said the transaction will help expand its owned asset portfolio in Ahmedabad across market segments through an established hotel that is currently operated by the company under an operating services agreement. The company said the acquisition provides an opportunity to capitalise on Ahmedabad's diversified year-round demand.