The Indian Hotels Company Ltd updates on Capte Town hotel

Taj Cape Town Hotel in Cape Town, South Africa, is owned by a South African wholly owned subsidiary (WOS) of IHMS Hotels (SA) Pty Ltd (IHMS). IHMS is a 50:50 joint venture between Ihoco BV (Ihoco), an overseas WOS of The Indian Hotels Co Ltd (IHCL), and Tata Africa Holdings (SA) Pty Ltd (TAH), an overseas subsidiary of Tata International Ltd.

Ihoco and TAH have executed a definitive agreement for Ihoco's acquisition of the following investments of TAH in IHMS:

a) The entire 50% holding of TAH in the shares of IHMS and
b) The shareholder loans advanced by TAH to IHMS.

The transaction price is US$ 1 million. The final consummation of the transactions under the agreement is subject to certain regulatory approvals in South Africa. As a consequence, IHMS will become a WOS of Ihoco.

Shares of INDIAN HOTELS CO.LTD. was last trading in BSE at Rs.79.5 as compared to the previous close of Rs. 79.2. The total number of shares traded during the day was 135781 in over 1736 trades.

The stock hit an intraday high of Rs. 81.2 and intraday low of 79.05. The net turnover during the day was Rs. 10841289.

Source : Equity Bulls

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