Vidli Restaurants Ltd updates on transaction related to Vitizen Hotels Ltd

Vidli Restaurants Limited had earlier announced the sale, transfer or otherwise disposal of entire investment held by the Company in its material subsidiary viz. Vitizen Hotels Limited. The Company had signed the Memorandum of Understanding with Eco Hotels and Resorts Limited on 12th February 2024 (MOU) for the disposal of entire investment in its material subsidiary.

The said Memorandum of Understanding has come to an end due to efflux of time and failure to comply with the payments and timelines as stipulated in the MOU and due to undue demand for deviation from the agreed terms by Eco Hotels and Resorts Limited the Company does not plan to proceed with the aforesaid transaction.

Vitizen Hotels Limited continues to remain material subsidiary of the Company.

Shares of Vidli Restaurants Ltd was last trading in BSE at Rs. 64.49 as compared to the previous close of Rs. 65.07. The total number of shares traded during the day was 1811 in over 32 trades.

The stock hit an intraday high of Rs. 65.60 and intraday low of 63.30. The net turnover during the day was Rs. 117412.00.

Source : Equity Bulls

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VidliRestaurants INE564S01019 VitizenHotels StakeSaleUpdate