IFCI LTD. - Sale of asset of Blue Coast Hotels Ltd for recovery of IFCI's due

IFCI Ltd has informed BSE that IFCI in exercise of its rights under the SARFA&ESI Act, 2002, has received a bid from ITC Ltd for purchase of the movable assets and immovable asset in the form of hotel by name Park Hyatt, Goa located at 263-C Arossim, Cansaulim in the state of Goa along with land and built-up area of the Hotel together with all buildings and structures and plant & machineries. IFCI has declared ITC Ltd as the successful bidder at the bid price of Rs. 515,44,01,000/- and ITC has remitted 25% of bid amount being Rs. 1288600250/- as per the terms of the Tender Document.<BR><BR>Further ITC Ltd. has been advised to remit 75% of the balance amount within 15 days for the confirmation of sale.