Kamat Hotels (India) up on $15 mln Mumbai unit sale completion

Kamat Hotels (India)

27/10/2023 05:42

** Shares of Kamat Hotels (India)  KAMT.NS  rise 2.9% to
212.85 rupees
    ** Co said on Thursday it completed sale of Mumbai unit IRA
by Orchid for 1.25 bln rupees ($15 mln)
    ** Says funds will be used towards redemption of
non-convertible debentures (NCD), reducing NCD from 2.98 mln
rupees to 1.73 mln rupees
    ** Stock on track to snap three straight sessions of losses,
if trend holds
    ** Stock last up 3.9%; stock up 2.2x so far this year
    
($1 = 83.2390 Indian rupees)

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))