Sayaji Hotels clarifies on news item regarding hotel at Bangalore

With reference to the news item appearing in a leading financial daily, Sayaji Hotels Ltd has clarified that the material facts are fully false and the Company is not having any immediate plan to construct 360 room five star hotel at Bangalore and any such land for the same not been purchased as stated in the article.

The Company is coming up with 247 room hotel at Pune and the construction has already been started and will be completed in the year 2008.

The funds for the Pune hotel project is already been raised through preferential issue on May 03, 2006 and FCCB on July 28, 2006 and the debts are already tied up with Banks.

The stock closed the day at Rs.48.40, up by Rs.4.25 or 9.63%. The total traded quantity was 56029 compared to 2 week average of 87280. The stock hit an intraday high of Rs.48.75 and low of Rs.45.50.

Source : Equity Bulls

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