Shares of Exhicon Events Media Solutions Limited were locked at 10% upper circuit on 16 January after the company announced signing a MoU (memorandum of understanding) to acquire a 76% stake in Pinewoods Golf Club LLP.

The aforementioned acquisition also includes management rights to manage two expensive golf courses that cover a total area of 73 acres in Pune and 28 acres in Mumbai. This acquisition will position the company as a key player in the Golf Tourism Industry, facilitating Corporate Golf, Live Events, Sports Events, Corporate Branding, and unique experiences such as “Movies Under the Sky” to golf enthusiasts and corporate clients.

According to the latest shareholding pattern, the promoters of the company hold a 62.25% stake in the company, while the domestic institutional investor holds a 3.65% stake in the company.

The company reported a 26.95% year-on-year increase to Rs 58.84 Crore in fiscal year 2023 from Rs 46.35 crore reported in Fiscal year 2022.

The company is one of the organisations in Asia that serves the full array of products and services for the trade and Events Sector, from Temporary to Permanent Event Infrastructure, from Media to Integrated Marketing Solutions, and from Management to Organising.

At 3:30 pm, the shares of Exhicon Events closed 10% higher at Rs 440 on NSE.