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JP Morgan picks 49% stake in Viceroy Hotels unit
JP Morgan India PropertyMauritius has picked up stake in a Bangalore hotel subsidiary of the company, it said in a statement to the Bombay Stock Exchange late on Thursday.
“The investment is in line with our business restructuring plans,” said a senior company executive. “We have appointed KPMG India to advice on the restructuring process.”
The company’s board also decided to raise another Rs 700 million through a stake sale to institutions. The company will sell 10 million equity shares of 10 each to raise funds, it added.
http://economictimes.indiatimes.com/
Posted by admin
on Jan 9th, 2010 and filed under Hotelnews.
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