Appollo Alchobev Limited agreed to acquire a 39.05% stake in Empee Hotels Ltd. from Empee Distilleries Limited (BSE:532920) for approximately INR 550 million on February 21, 2017. Under the terms, 19.5 million shares will be acquired at INR 28 per share. For the financial year ended March 31, 2016, Empee Hotels Ltd reported revenues of INR 6.1 billion. An agreement is expected to be signed after approval from shareholders of Empee Distilleries Limited. The extra ordinary general meeting of the shareholders of Empee Distilleries Limited will be held on March 15, 2017. The Board of Directors of Empee Distilleries Limited recommends passing of the resolution. The deal is expected to close by March 14, 2018. Chartered Finance Management Ltd. acted as a financial advisor to Empee Distilleries Limited. Appollo Alchobev Limited cancelled the acquisition of a 39.05% stake in Empee Hotels Ltd. from Empee Distilleries Limited (BSE:532920) on February 21, 2018.