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Viceroy Hotels Ltd has secured shareholders nod to increase borrowing limit and also to hive off the Bangalore project division. The company management through a postal ballot has received the approval for both the proposals, hiving off the Bangalore project to a subsidiary and also increasing the borrowing limit to Rs 1,200 crore. The Viceroy board of directors had proposed to hive off the Bangalore project division to a subsidiary valued at about Rs 205 crore. According to a statement to the stock exchanges by the company Chairman and Managing Director, Mr P. Prabhakar Reddy, the board has been accorded permission to raise the requisite funds for expansion of projects at various places including Bangalore, Chennai and Visakhapatnam. The company is at an advanced stage of commissioning its mega project in Chennai and is working on another marquee project in Bangalore, both located strategically.
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