ITC gains after it emerges as top bidder for Park Hyatt Goa

NEW DELHI: ITC Ltd rallied as much as 1.2 per cent in trade on Tuesday, after the diversified group won the bid to acquire Park Hyatt Hotel property in Goa. The hotel owned by Blue Coast Hotels had been put up for public auction by IFCI Ltd.

ITC was trading 1.03 per cent higher at Rs 394.30 in trade. It hit a low of Rs 389.10 and a high of Rs 394.85 in trade today.

In a filing to BSE, ITC said IFCI Ltd had informed that it has been declared as the highest/successful bidder for Park Hyatt Hotel located at Cansaulim, Goa along with land and built up area of the hotel together with all buildings and structures and plant and machineries.

The aforesaid assets of Blue Coast Hotels Ltd were put up on sale by IFCI Ltd through public auction under the provisions of the securitisation and reconstruction of financial assets and enforcement of Security Interest Act, 2002, it added.

While ITC did not share the financials involved, as per the tender document, the reserve price for the property was set at Rs 542.57 crore, PTI reported.