Indian Hotels soared as much as 10 per cent on Thursday after the Taj Group company completed sale of its Taj Boston hotel for $ 125 million (about Rs 839 crore).
At 10.35 am, shares of Indian Hotels were trading 3 per cent up at Rs 133.80. The scrip opened at Rs 140 and has touched a high and low of Rs 143 and Rs 133.65, respectively, in trade so far.
Later, the scrip closed 2.39 per cent up at Rs 133.
The company will utilise the net sale proceeds to retire outstanding debts.
In a BSE filing, the company said, “United Overseas Holdings effected on July 12 the divestment of Taj Boston Hotel through sale of the entire issued and outstanding LLC interests of IHMS (Boston) LLC held by UOH to AS Holding LLC, Boston for an aggregate consideration of $125 million.”
The hotel will continue to be operated and managed by IHMS (USA) LLC, which has entered into a management services agreement with the new owning company, thus ensuring continuity of Taj’s presence in the Boston market,