Nature of the Event
Velan Hotels Limited has completed the sale of its hotel property located in Tirupur. This disclosure is made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Key Transaction Details
- Buyer: The property was sold to M/s. J.P. Associates Asia Pacific Private Ltd, Coimbatore, a non-related party.
- Completion Date: The sale was formally completed on July 2, 2026.
- Sale Consideration: The total transaction value was ₹37,16,02,048 (Thirty-Seven Crore Sixteen Lakh Two Thousand and Forty-Eight Rupees).
- Payment Terms: The full consideration was received by the company in many tranches and is subject to the deduction of applicable Tax Deducted at Source (TDS).
Context and Preceding Disclosures
The completion of this sale follows a series of prior disclosures made to the exchange on January 13, 2026, May 1, 2026, June 16, 2026, and June 25, 2026, which provided information on the proposed sale.
Condition Precedent
The final registration of the sale was contingent upon the rectification of mistakes in the Town Survey Land Register (TSLR) pertaining to the property. This condition was fulfilled, enabling the transaction's completion.
Company and Regulatory Information
- Correspondence: Signed by Garima Maheshwari, Company Secretary, on July 3, 2026.
- Regulation: Disclosure under Regulation 30 of SEBI LODR.