Viceroy Hotels Limited (VHLTD) has announced an Extraordinary General Meeting (EGM) scheduled for 16 Apr 25 at 11:00 A.M. (IST) via Video Conferencing/OAVM. The meeting aims to secure shareholder approval for a related party transaction involving the leasing of land to construct a hotel.

The company intends to lease land admeasuring up to 7,260 sq yds located at Plot no.s 11, 12, and 13 in Sy no. 73, 74, and 75 (parts) at Madhapur Village, Serilingampally Mandal, Rangareddy district for a period of 25 years from related parties: Mrs. K. Sukanya Reddy, Mr. B. Amarender Reddy, Mr. B Arvind Reddy, and Mr. R. Gireswara Reddy.

The financial details of the transaction include:

• A refundable deposit of Rs 5 crores, comprising:
  • Token advance of Rs 10 lakhs
  • Balance of Rs 4.90 crores payable upon receiving necessary approvals.
• Monthly lease rental of Rs 15 lakhs with an annual escalation of 5% or 25% of EBITDA, whichever is higher, starting from the hotel's operational commencement.

Remote e-voting will be available from 13 Apr 25 (9:00 A.M. IST) to 15 Apr 25 (5:00 P.M. IST). The cut-off date to determine voting eligibility is 10 Apr 25.