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Viceroy Hotels to sell entire Chennai Project division for Rs 480 crore

08 May 2013 Evaluate

Viceroy Hotels has received an approval for the proposal to sell the entire Chennai Project division comprising of Chennai Hotel Project and Chennai Residential Project to Ceebros Hotels, Chennai for a total consideration of Rs 480 crore. The board at its meeting held on May 08, 2013 has approved for the same.

The board also approved the draft postal ballot notice under Companies Act, 1956 read with the companies (Passing of the Resolution by Postal Ballot) Rules, 2001 with regard to sale of the above said Chennai Project division.

Viceroy Hotels, previously known as Palace Heights Hotels (PHHL) was incorporated in 1965. It operates a stately hotel -- Hotel Viceroy -- at Gandhi Nagar in Hyderabad.

Peers
Company Name CMP
The Indian Hotels Co 716.15
ITC Hotels 158.75
Mahindra Holi.&Resor 195.20
EIH 298.00
Chalet Hotels 830.20
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