Vertex to sell 22% TAJGVK stake to three other promoter entities

NEW DELHI: Vertex Projects LLP, one of the promoters of TAJGVK Hotels and Resorts, plans to sell 22 per cent stake worth Rs 88 crore in the company to three other promoter entities.

Vertex Projects would be selling the stake or little over 1.3 crore shares to Krishnaram Bhupal, Shriya Bhupal and G Aparna Reddy, according to regulatory filings.

TAJGVK Hotels and Resorts informed the BSE that Vertex Projects LLP, formerly known as Vertex Projects Ltd, would offload 13.92 per cent stake or more than 83.5 lakh shares to Krishnaram Bhupal.

Besides, the entity would sell 4.41 per cent shareholding or 27.69 lakh shares to Shriya Bhupal. Another 3.55 per cent stake or 22.23 lakh shares would be offloaded to G Aparna Reddy.

All these shares would be sold at a price of Rs 66 apiece, valuing the overall stake sale at over Rs 88 crore. These three entities, part of TAJGVK Hotels' promoter group, would be acquiring shares from Vertex Projects on September 7.

At the end of June 2015, Vertex Projects had 35.47 per cent stake in the hotel chain.

TAJGVK Hotels & Resorts Ltd (TAJGVK) is a joint venture between the Indian Hotels Company Ltd (IHCL) and Hyderabad- based GVK Group.