Spice Lounge Food Works Share Price Jump 4.50% as Board Approves Acquisition of Rightfest Hospitality LLP

Hyderabad, October 29: Spice Lounge Food Works share price is trading in the green today, on October 29. As of 12:06 PM, Spice Lounge Food Works shares are up by 4.50%, or 2.14 points, and are trading at ₹49.66. Until now, the shares have traded within a range of ₹49.89 and ₹49. The current traded volume stands at 1.34 lakh shares, with the company’s market cap at ₹3,313 crore. The shares have their 52-week high at ₹50.94 and their 52-week low at ₹4.83.

Spice Lounge Food Works Limited is an Indian company that operates and manages restaurants and lounges. It was established in 1981, and is headquartered in Hyderabad, Telangana. The shares of the company are listed only on BSE with the code 539895.

Key Trigger: Board Approves Acquisition of Rightfest Hospitality LLP

The rise in the share price comes after the company announced that its board has approved the acquisition of Rightfest Hospitality LLP. Along this, it also authorised its chairman to evaluate a majority stake purchase in Blackstone Management LLC.

Under the acquisition approval, the company will fully acquire Rightfest Hospitality LLP, a Hyderabad-based experiential entertainment and hospitality company. Rightfest operates premium venues which include XORA Bar & Kitchen and SALUD Beach Club in Goa.

Entry Into Lifestyle and Entertainment Sector

The 100% acquisition of Rightfest Hospitality LLP, will allow Spice Lounge Food Works to enter into the lifestyle and entertainment sector. It will also help the company expand its business from food services to premium destinations. The acquisition is expected to contribute positively to the order book of the company and future profits.

REF: https://www.bseindia.com/xml-data/corpfiling/AttachLive/d6ae7357-d353-4c63-b7fb-293d13e5cf3e.pdf

Disclaimer: At HDFC SKY, we take utmost care and due diligence in curating and presenting news and market-related content. However, inadvertent errors or omissions may occasionally occur.

If you have any concerns, questions, or wish to point out any discrepancies in our content, please feel free to write to us at content@hdfcsec.com.

Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations