REG - Indian Hotels Co Ld - Sale of The Blue Hotel, Sydney <Origin Href="QuoteRef">IHTL.NS</Origin>

Indian HotelsAnnouncement

06/09/2014 14:35

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RNS Number : 9417L
Indian Hotels Co (The) Ld
10 July 2014 
 
July 10, 2014 
 
 BSE LimitedCorporate Relationship Department1st Floor, New Trading Ring,Rotunda Building, P. J. Towers, Dalal Street, Fort,Mumbai 400 001  National Stock Exchange of India LimitedExchange PlazaBandra-Kurla Complex, Bandra (East)Mumbai 400 051  
 
 
Dear Sirs, 
 
Subject: Sale of The Blue Hotel, Sydney 
 
Pursuant to the relevant clauses of the Listing Agreement, we wish to inform
you that Samsara Properties Limited, an offshore wholly owned subsidiary of
The Indian Hotels Company Limited (the "Company"), has announced the execution
of a share sale deed for the divestment of 100% of its shareholding in The
Blue Hotel, in Sydney, in favour of Australia Hotels & Properties Limited (the
"Buyer"). The Buyer belongs to the Jhunjhnuwala family controlled Hind Hotels
& Properties Group. Based out of Hong Kong, the Hind Group owns andoperates
hotels and serviced apartmentsunder the Ovolo brand. Subject to fulfilment of
certain conditions, the transaction is scheduled to be completed by October
31, 2014 as transfer of a "going concern". The transaction value is A $ 32
million. The divestment is being undertaken to focus in markets which are core
to Taj Group's operations and create liquidity to fund the Company's short to
medium term fund requirements for its ongoing expansion in such markets. 
 
You are requested to kindly acknowledge receipt and take the same on record. 
 
Thanking you. 
 
Yours sincerely, 
 
sd/- 
 
Beejal Desai 
 
Vice President - Legal & Company Secretary 
 
cc :       The Secretary - London Stock Exchange Ltd. 
 
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