The Indian Motels Firm presented on Tuesday that it has bought its complete shareholding in Taj GVK Motels & Accommodations, formally ending its possession relationship with the company.
In a stock alternate submitting, the now extinct Taj-owners said it has bought 1.6 crore shares, representing a 25.52% stake in Taj GVK, to Shalini Bhupal at a value of Rs 370 per fragment.
On memoir of the exit, the hotel wide will additionally inaugurate the activity of hanging off the word “Taj” from its corporate name and would possibly presumably presumably also nonetheless adopt a new name.
Nonetheless, IHCL clarified that this could presumably presumably also proceed to goal the present accommodations of Taj GVK underneath the present hotel working agreements already in space.
Following the sale, a termination settlement modified into as soon as signed between IHCL, Shalini Bhupal, members of the GVK promoter family and the company. As segment of this settlement, the long-standing shareholders’ settlement signed in 2011 and the name and trademark licence settlement signed in 2007 have each been cancelled.
Meanwhile, all IHCL-nominated directors on the board of Taj GVK Motels & Accommodations have stepped down with construct from the end of enterprise on Monday.
Earlier this month, IHCL had said this could presumably presumably also shift its joint venture with the GVK-Bhupal family in Taj GVK Motels & Accommodations to a protracted-time duration management mannequin after agreeing to sell its complete 25.52% stake. The GVK-Bhupal family will remain promoters with 74.Ninety 9% retaining. IHCL said the switch supports its capital-gentle enhance opinion, while this could presumably presumably also proceed managing the present six accommodations and an upcoming Bengaluru property.
