Tata Group sells its Taj Boston for $125 million
On May 18, 2016, the Indian hotels has accorded its approval to United Overseas Holding Inc (UOH) to pursue the option of divestment of Taj Bostan Hotel via sale or disposal of its entire issue along with outstanding LLC interests of IHMS (Boston) LLC at selling price not lower than $ 125 million to an independent third party, Indian Hotels said in a regulatory filing.
Tata Group's Indian Hotels has sold Taj Boston to AS Holding LLC for $125 million.
"On May 18, 2016, the Indian hotels has accorded its approval to United Overseas Holding Inc (UOH) to pursue the option of divestment of Taj Bostan Hotel via sale or disposal of its entire issue along with outstanding LLC interests of IHMS (Boston) LLC at selling price not lower than $ 125 million to an independent third party," Indian Hotels said in a regulatory filing.
The UOH is an indirectly wholly-owned subsidiary of Indian Hotels.
The company said that it will use the money to retire part of its outstanding debt.
The shares of Indian Hotels were trading at Rs 130, down 0.38% on the BSE at 14.42 hours.
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