Indian Hotels Company will hold a meeting of the Board of Directors of the Company on 6 August 2020.

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Indian Hotels Co has signed a binding agreement for the acquisition of the balance 14.28 per cent equity interest in ELEL Hotels & Investments from the Nanda family. This will make IHCL 100% leasehold owner of the landmark Sea Rock hotel site by 31 December 2021.

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Kamat Hotels (up 13.24%), Chalet Hotels (up 8.69%), Lemon Tree Hotels (up 4.85%), TajGVK Hotels (up 4.32%), Indian Hotels Company (up 3.38%), HLV (up 2.25%), EIH (up 2.2%) and ITDC (up 0.85%) advanced.

The BSE Sensex was up 57.59 points, or 0.16% at 36,544.87.

Further easing the lockdown, the Maharashtra government on Monday (6 July) allowed hotels and other entities providing accommodation services outside containment zones to resume operations at 33% of their capacity from 8 July 2020. The government notification also covers lodges and guest houses. The permission has been granted on conditions of these entities adhering to social distancing norms and other protocols to avoid spread of the infection.

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Indian Hotels Co. announced the following acquisition -

1.Taj Cape Town Hotel in Cape Town, South Africa, is owned by a South African wholly owned subsidiary(WOS) of IHMS Hotels (SA) (IHMS). IHMS is a 50:50 joint venture between Ihoco BV (Ihoco), an overseas WOS of Indian Hotels Co (IHCL), and Tata Africa Holdings (SA) (TAH), an overseas subsidiary of Tata International.

2.Ihoco and TAH have executed a definitive agreement for Ihoco's acquisition of the following investments of TAH in IHMS:
a)The entire 50% holding of TAH in the shares of IHMS and
b)The shareholder loans advanced by TAH to IHMS.

The transaction price is US$ 1 million. The final consummation of the transactions under the agreement is subject to certain regulatory approvals in South Africa. As a consequence, IHMS will become a WOS of Ihoco.

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