Advani Hotels apporves MOU for transfer / sale of flight catering unit

The Board of Directors of Advani Hotels & Resorts India Ltd at its meeting held on April 26, 2007, inter alia, has considered and approved the following:

- The Company has signed a Memorandum of Understanding for the transfer / sale of the Flight Catering Unit with Gate Gourmet Switzerland GmbH, on April 25, 2007, which is subject to the satisfactory outcome of the due diligence. The consideration would be determined after the due diligence on the basis of an agreed formula. The transfer / sale of the Flight Catering Unit is subject to the approval of the shareholders.

The stock closed the day at Rs.207.90, up by Rs.9.75 or 4.92%. The total traded quantity was 35262 compared to 2 week average of 15628. The stock hit an intraday high of Rs.208.05 and intraday low of Rs.195.

Source : Equity Bulls

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