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Viceroy Hotels Limited has approved the proposal to sell the entire Chennai Project division to Ceebros Hotels Private Limited for Rs 480 crore.
The Chennai project division of the Hyderabad-based hospitality chain includes Chennai Hotel Project and Chennai Residential project.
The company Board has authorised P Prabhakar Reddy, Managing Director and Satish Choudhury, Company Secretary to carry out a postal ballot to facilitate the process.
The hospitality chain has been in the process of reducing its debt by roping in strategic partners for couple of its projects and divesting stake in others.
It had earlier completed slump sale of its property in Bangalore.
According to filings to the exchange, this is subject to nod by members.
The company shares closed at Rs 19.50 up 3 per cent at BSE.
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