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The Ashok, land parcels to be leased out in single deal
Financial Express Mumbai
|February 05, 2024
THE MONETISATION OF The Ashok and two vacant land parcels that the India Tourism Development Corporation (ITDC) hotel has in the heart of Lutyens' Delhi will likely be structured as a single deal.
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"The earlier proposal was to go for three split transactions, with the hotel to be leased out in one of them. Now, it will be an integrated offer to the bidders," an official said.
The move follows investors demanding a composite transaction, including the hotel property, in the roadshows conducted, the official added.
ITDC's share price surged to a 52-week high of ₹839.95 on Friday, a day after the interim Union Budget was presented on February 1.
The Centre owns 87.03% of ITDC, while Tata Group's Indian Hotels Company holds a 7.87% stake.
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