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Business EconomyPosted at: Apr 2 2024 6:32PM


Shares of Viceroy Hotels to resume trading on Wednesday

Mumbai, Apr 2 (UNI) Shares of Viceroy Hotels Limited will resume trading on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on Wednesday after a five and half month gap.
The company has recently emerged out of its Corporate Insolvency Resolution Process (CIRP) in which Anirudh Agro Farms Limited (AAFL) emerged as the successful resolution applicant. The CIRP concluded with NCLAT Chennai Bench passing an order on October 6, 2023 approving the Resolution Plan submitted by AAFL.
Viceroy Hotels Limited in a filing dated January 6 disclosed to the exchanges that all payments proposed to be made under the resolution plan have been duly made by Loko Hospitality Private Limited a subsidiary of Anirudh Agro Farms Limited.
The company's shares had last traded on the bourses on October 19 last year.
Viceroy Hotels Limited owns two hotels - Marriott & Courtyard by Marriott on a 4.5-acre freehold land parcel on Tank Bund in the heart of Hyderabad City near the new secretariat.
The hotel industry is currently witnessing a boom for the past two years on the back of post-Covid business travel and tourism revival. The average room rents and occupancies are at record levels and the industry expects the phenomenon to continue in the foreseeable future with demand outpacing supply addition, thereby ushering a new paradigm shift in hospitality revenues.
“The company is looking to expand its assets across the country with strategic acquisitions of distressed hotel assets. We are excited about the hotel landscape, given the strong demand and increase in domestic travel we expect the industry and our ARRs to grow significantly," said K. Ravinder Reddy MD.
UNI SSP CS
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