Viceroy Hotels surges on sale of Chennai project for Rs 480-cr
The board approved the proposal to sell the entire Chennai Project Division to Ceebros Hotels a total consideration of Rs 480 crore.
Viceroy Hotels has surged 18% to Rs 23.25 after the company engaged in hotels business announced the sell of company’s Chennai project to Ceebros Hotels for Rs 480 crore.
“The board of directors approved the proposal to sell the entire 'Chennai Project Division' comprising of 'Chennai Hotel Project’ and "Chennai Residential Project" to M/s. Ceebros Hotels Private Limited, Chennai for a total consideration of Rs 480 crore,” Viceroy Hotels said in a BSE filing.
The company will take shareholders approval through postal ballot.
The stock opened at Rs 22.25 and hit a high of Rs 23.40 on BSE. Around 308,000 shares changed hands on the counter till 1051 hours against an average 20,000 shares that were traded daily in past two weeks.
“The board of directors approved the proposal to sell the entire 'Chennai Project Division' comprising of 'Chennai Hotel Project’ and "Chennai Residential Project" to M/s. Ceebros Hotels Private Limited, Chennai for a total consideration of Rs 480 crore,” Viceroy Hotels said in a BSE filing.
The company will take shareholders approval through postal ballot.
The stock opened at Rs 22.25 and hit a high of Rs 23.40 on BSE. Around 308,000 shares changed hands on the counter till 1051 hours against an average 20,000 shares that were traded daily in past two weeks.