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| Exchange Disseminated Time 19/09/2015 18:42:12 | With reference to the letter dated March 02, 2015 intimated that the Assets Sale Committee of the Hotel Leelaventure Limited (“Company”), in accordance with the powers delegated by the Company's Board of Directors, in its meeting held on March 2, 2015, had decided to commence the process for the sale of its hotels in Goa and Chennai, Hotel Leelaventure Ltd has now informed BSE that the Board of Directors of the Company at their meeting held on September 19, 2015, has, pursuant to a bidding process, approved, subject to certain conditions, including the approval of its shareholders, the sale of the entire undertaking of the Company pertaining to the hotel in Goa, namely “The Leela, Goa", Mobor, Goa, on a slump sale basis, for a lump sum consideration of Rs. 725 crores to Ceres Hotels Private Limited (a wholly owned subsidiary of MetTube Sdn. Bhd., Malaysia) by way of business transfer agreement.
During the financial year 2014-15, the Goa Hotel Undertaking contributed Rs. 119 crores (15% of the total income) to the Company’s total income of Rs. 762 crores.
Upon the completion of the sale which is expected to occur on or before December 31, 2015, pursuant to a Hotel Operations and Management Services Agreement, the Company will continue to manage and operate the Goa hotel, and the hotel shall continue to be known as “The Leela, Goa".
The shareholding of the Company shall remain unaffected pursuant to the aforesaid sale. |
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