Sayaji Hotels - Updates

With reference to the earlier annoucement dated October 23, 2009 about conversion by Axis Bank of Rupee Loan aggregating Rs. 18.61 Crores into Foreign Currency Term Loan, Sayaji Hotels Ltd has now informed BSE that in the aforesaid announcement, the Company had incorrectly mentioned that the aforesaid conversion of loan has taken place in the Company's subsidiary, M/s. Barbeque-Nation Hospitality Ltd. (BNHL), whereas conversion has actually happened in the parent Company itself i.e. Sayaji Hotels Ltd.

In this regard, the correct information should be read as under:

Sayaji Hotels Ltd has informed BSE that on October 22, 2009, Axis Bank Ltd. has converted Rupee Loans aggregating Rs. 18.61 Crore availed by Sayaji Hotels Ltd. into US Doller denominated Foreign Currency Term Loans for a period of six months at the Company's request. This is expected to significantly bring down the all-in cost of borrowing for the Company.