Indian Hotels to merge five arms with itself
Indian Hotels Company today said it would amalgamate five hotels with itself. The company board approved the proposal to amalgamate Indian Resort Hotels, Gateway Hotels and Getaway Resorts, Kuteeram Resorts, Asia Pacific Hotels and Taj Lands End with itself, the company informed the Bombay Stock Exchange.
The board also approved the share entitlement ratio for the five hotels, offering 20 shares of the company of Re 1 each for every seven equity shares held in Indian Resort Hotels and 100 shares in the company of Re 1 each for every 47 equity shares of Rs 10 each held in Gateway Hotels and Getaway Resorts, it informed the stock exchange.
The company holds 100 per cent of the issued, subscribed and paid-up capital of Asia Pacific Hotels and Taj Lands End, the entire share capital held by the company in the two would stand cancelled post-amalgamation, it said.
The proposal provides that the merger will take effect from April 1, 2006, or any such other date as may be mutually agreed by the board of directors of the amalgamating companies and Indian Hotels after necessary approvals. and applicable approvals have been obtained.
Shares of the company closed at Rs 1,377.45, up 0.09 per cent on the BSE.
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