Indian Hotels divests 1.24% stake in Belmond for $11.96 mn

New Delhi: Tata Group hospitality arm Indian Hotels has said its overseas arm Samsara Properties has sold over 12.7 lakh shares of Belmond for a consideration of USD 11.96 million (over Rs 82 crore) to pare debt.

Belmond Ltd has a collection of 46 hotel, river cruise, safari and luxury rail businesses in 23 countries.

"Samsara Properties Ltd, company's indirect overseas wholly-owned subsidiary has sold, through market transactions, 1,270,715 class 'A' common shares of the face value of USD 0.01 each of Belmond Ltd representing 1.24 per cent of the total outstanding Class 'A' common shares for a net consideration of USD 11.96 million," Indian Hotels said in a BSE filing.

The sale proceeds are being utilised for retirement of debt, it added.

"Post the above sale, Samsara Properties Ltd continues to hold 5.73 per cent of the class 'A' common shares of Belmond Ltd," it added.

Indian Hotels Indian Hotels Company Ltd (IHCL) and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces.

Shares of Indian Hotels Company were today trading at Rs 98.80 in the morning trade on BSE, down 0.70 per cent from the previous close.