Velan Hotels Ltd — Important, 01-05-2026: Company Update

The company has updated on the sale of its hotel property in Tirupur for Rs. 37.17 Cr. The prospective buyer has already paid Rs. 35.12 Cr, with the remaining Rs. 1.68 Cr due at registration. A significant portion of these funds was used to settle all outstanding debts with RARE Asset Reconstruction Ltd, which has issued a No-Due Certificate. This transaction has made all the company’s mortgaged properties free-hold, transforming it into a secured-debt free entity. An addendum to the sale agreement extends the completion timeframe as the buyer finalizes financing.