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Viceroy Hotels Ltd has secured its shareholders’ nod for sale of the company’s Chennai Property Division.
The Hyderabad-based hospitality chain had sought shareholders’ nod to divest its interest in the Chennai property division, comprising a hotel in an advanced stage of development at MRC Nagar, along with other interests.
The company had decided to sell the division to Chennai-based Ceebros Hotels Private Ltd for a cash consideration of Rs 480 crore.
The management’s earlier move to divest stake in the project to Mahal Hotels did not sail through. However, with the shareholders’ nod, the company management will be able to close the deal.
The Viceroy management is divesting the project to bring down its debt. The company had also divested part stake in its Bangalore project.
Vanitha Nagulavari, the scrutiniser appointed to conduct the postal ballot in its filings to the exchange, has informed that 99.9 per cent of the votes were in favour of the resolution.
rishikumar.vundi@thehindu.co.in
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