TGB Banquets and Hotels Ltd repays debt through sale of Surat property

TGB Banquets and Hotels Ltd has been able to conclude the deal of sale of its Surat property named TGB Hotels for Rs. 160Cr. (Rupees One Hundred Sixty Crores only) + all expenses towards registration, stamp duty, legal fees and others, will be borne by the buyer. The proceeds have been utilized to repay the bank loans of the company.

The Company has become debt free on account of the said repayment. The company will continue to run the said property on lease rent basis under the brand TGB Surat. In this regard, approval of shareholders was obtained u/s. 180(1)(a) of the Companies Act, 2013 on 18th June, 2015 for such sell of part of the undertaking.

Shares of TGB BANQUETS AND HOTELS LTD. was last trading in BSE at Rs.57.8 as compared to the previous close of Rs. 54.95. The total number of shares traded during the day was 137582 in over 1172 trades.

The stock hit an intraday high of Rs. 59.7 and intraday low of 55.3. The net turnover during the day was Rs. 7930463.

Source : Equity Bulls

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