Sayaji Hotels - Updates

Sayaji Hotels Ltd has informed BSE that on October 22, 2009, Axis Bank Ltd. has converted Rupee Loans aggregating Rs. 18.61 Crores availed by M/s. Barbeque-Nation Hospitality Ltd. (BNHL) (a subsidiary of Sayaji Hotels Ltd.) into US Dollar denominated Foreign Currency Term Loans for a period of six months at BNHL's request. This is expected to significantly bring down the all-in cost of borrowing for the subsidiary.