Tata Group's Indian Hotels divests 1.24% stake in Belmond for nearly Rs 82 crore
The sale proceeds are being utilised for the retirement of debt, Indian Hotels Company said in a filing to BSE.
Tata Group hospitality arm Indian Hotels Company has said its overseas arm Samsara Properties has sold over 12.7 lakh shares or 1.24% of Belmond for a consideration of $11.96 million (nearly Rs 81.93 crore) to pare debt.
Belmond has a collection of 46 hotel, river cruise, safari and luxury rail businesses in 23 countries.
"Samsara Properties, the company's indirect overseas wholly-owned subsidiary has sold, through market transactions, 1,270,715 class 'A' common shares of the face value of $0.01 each of Belmond representing 1.24% of the total outstanding Class 'A' common shares for a net consideration of $11.96 million (nearly Rs 81.93 crore)," Indian Hotels said in a BSE filing.
The sale proceeds are being utilised for the retirement of debt, it added.
"Post the above sale, Samsara Properties continues to hold 5.73% of the class 'A' common shares of Belmond," it added.
Indian Hotels Company Ltd (IHCL) and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces.
On Friday, at 1305 hours, the shares of Indian Hotels Company were trading down 0.60% or Rs 0.60 at Rs 98.90 per scrip on the BSE.