Empee Distilleries rises 6%, to sell stake in Empee Hotels

Moneycontrol BureauShares of Empee Distilleries advanced 6 percent intraday Thursday as it is going to consider sale of its stake in Empee Hotels.The company's board meeting is scheduled to be held on December 26, to consider and approve sale of 1,95,12,997 equity shares of Rs 10 each held by the company in Empee Hotels (unlisted entity).The board will also consider to amend/ratify/ modify certain clauses in the EGM notice/explanatory statement dated October 27, 2016 to allot 9,39,727 equity share warrants to EW India Special Assets Fund Pte and 2,27,133 equity share warrants to Edelcap Securities at Rs 64.54 per warrant on preferential basis.At 09:27 hrs Empee Distilleries was quoting at Rs 54.95, up Rs 1.60, or 3.00 percent on the BSE.Posted by Rakesh Patil