Parsvnath Developers' arm divests stake in Parsvnath Royal Orchid Hotels

Parsvnath Developers has announced that consequent to the disinvestment of equity shares by Parsvnath Hotels, being the wholly-owned subsidiary of the company, in Parsvnath Royal Orchid Hotels (PROHL), PROHL has ceased to be a step-down subsidiary of the company during the quarter ended 31 March 2013.

Accordingly, the total number of subsidiary companies of the company stands reduced from 16 to 15.

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