Promoters of Viceroy Hotels have reduced their stake in the company.
In a series of disclosures to the stock exchanges today, the promoters — PH Financial Services, PH Infotech, Parvath Investments, Minerva Enterprises and Mr P. Prabhakar Reddy, Chairman and Managaing Director — disclosed that their holding has come down to 8.02 per cent from 14.16 per cent. In an another intimation to the exchanges, Mr Prabhakar Reddy has said that of the 5.88 per cent stake, 5.03 per cent has been invoked by Cholamandalam Investment and Finance Company as these were pledged with the latter. Mr Rakesh Jhunjhunwala, through two blocks deals, had on Monday increased his stake in the company to 13.45 per cent. Cholamandalam Finance has pared its exposure.
The hospitality chain runs properties in partnership with Courtyard Mariott and its own chain of coffee shops and hotels under the Minerva brand. Two of its large projects in Bangalore and Chennai are under execution.
According to the latest statements with the exchanges, the promoters hold 32.25 per cent and the rest is with the public.
The shares of Viceroy Hotels Ltd today gained 4.79 per cent to close at Rs 17.50.