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Updates on Slump Sale of Bangalore Project Division

| Updated on July 29, 2011 Published on July 29, 2011

Viceroy Hotels Ltd has informed BSE that:

1. The Company has successfully completed slump sale of ‘Bangalore Project Division’ to M/s. Viceroy Bangalore Hotels Private Ltd.

2. The Company has invested Rs. 47.3 Crores in equity share capital of M/s. Viceroy Bangalore Hotels Private Ltd. by way subscription of 59,90,000 equity shares of Rs. 10/- each at a price of Rs. 78.96/- per share in accordance with the Business Transfer Agreement.

3. M/s. Viceroy Bangalore Hotels Private Ltd. ceased to be Subsidiary of the Company on account of strategic investment of Rs. 74 Crores out of Rs. 90 Crores infused by JP Morgan India Property Mauritius II by way subscription of 74,00,000 equity shares of Rs. 10/- each at a price of Rs. 100/- per share.

4. Mr. Gunjan Bahl and Mr. Hrushikesh Kar were inducted as Directors on the Board of M/s. Viceroy Bangalore Hotels Private Ltd to represent ‘JP Morgan India Property Mauritius II.

Source : BSE - >www.bseindia.com

Published on July 29, 2011
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