Viceroy Hotels' shareholders to consider merger on Nov 16

Published: Sunday, November 12, 2006, 20:36 [IST]
 

New Delhi, Nov 12 (UNI) The shareholders of Viceroy Hotels Ltd (VHL) will meet on November 16 to consider the merger of various entitites owned by the promoters of the company, following the Andhra Pradesh High Court's order.

''As per the directions of the High Court of Andhra Pradesh, company's shareholders will meet on November 16, 2006, to approve the scheme of amalgamation/arrangement in this regard,'' a company statement said here.

Apart from merging some of the hospitality entities under the Viceroy Group into VHL, the company plans to acquire 3-4 properties in Visakhapatnam and Hyderabad for developing 3-star and 4-star hotels.

In addition, VHL has signed a master franchisee agreement with global hospitality major Marriott International to become its franchisee hotel.

Recently, Nagarjuna Construction Company, the Mumbai-based stockbroker and proprietary investor, acquired around 13.5 per cent stake in Viceroy Hotels Ltd (VHL).

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