Viceroy Hotels Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 10, 2011, inter alia, has transacted the following:
1. Took note of the Results and Minutes of the Postal Ballot conducted on February 24, 2011 to hive-off the 'Bangalore Project Division' and enhancing borrowing powers of the Board.
2. Arrived the 'Transaction Date' for determining book value of Assets and Liabilities of the above said Division being transferred to its Wholly Owned Subsidiary namely 'Viceroy Bangalore Hotels Pvt. Ltd (WOS).
3. Approved to hive-off the said Division at a consideration of Rs. 205 Crores.
4. Approved to make Investment in the equity share capital of the said WOS.
5. Authorized Mr. P Prabhakar Reddy, Chairman and Managing Director to execute the Slump Sale Agreement called 'Business Transfer Agreement' (BTA) between the Company and its WOS.
Sensex
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Thursday, March 10, 2011
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