Indian Hotels Company Ltd to Disinvest 25.52% Stake in Taj GVK Hotels & Resorts Limited for X 370 per Share

The Indian Hotels Company Ltd (IHCL) has received approval from its Board of Directors to disinvest 25.52% stake in Taj GVK Hotels & Resorts Limited (TajGVK) through a Sale and Purchase Agreement (SPA). The shares, amounting to 1,60,00,400 equity shares of par value of X 2 each, will be acquired by Mrs. Shalini Bhupal, a member of the promoter and promoter group of TajGVK, at a price of X 370 per share. The transaction is expected to be completed within 4 trading days from the date of this disclosure, with necessary agreements to be executed on the date of consummation. IHCL will continue to manage hotels under TajGVK and receive management fees, while the Restated and Amended Shareholders’ Agreement and the Name and Trademark License Agreement will be terminated upon completion of the transaction.