The Board of Directors of Kamat Hotels India Ltd (NSE: KAMATHOTEL) has approved the sale of the VITS, Mumbai unit of the company for a minimum of Rs. 125 crores to prospective buyers, subject to the approval of the members of the company. The terms and conditions of the sale, including the final price, have been negotiated and are considered to be in the best interest of the company.
The proceeds from the sale will be used to pay down the company’s overall debt.
During the last trading session on the Bombay Stock Exchange (BSE), shares of Kamat Hotels Ltd were priced at Rs. 103.65, up from the previous close of Rs. 98.75. A total of 13,654 shares were traded throughout the day through over 148 trades.
The stock reached an intraday high of Rs. 103.65 and an intraday low of Rs. 99.90. The total value of the shares traded during the day was Rs. 1,408,203.00.
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