Velan Hotels - Updates

Velan Hotels Ltd has informed BSE that the Company has availed Foreign Currency Term Loan - Fund Based to the tune of US$ 1,600,000 and a Bank Guarantee Limit of US$ 125,000 for the purpose of retiring existing high cost loans in INR from State Bank of India and carrying on with ongoing expansion / modernization works at their existing hotel properties in Tirupur, Coonoor and Coimbatore.