LORDS ISHWAR HOTELS LIMIT Share price

ISHWAR BHUVAN HOTELS LIMITED was originally incorporated onthe 14th day of November 1985 as ISHWAR BHUVAN HOTELS PVT.LTD. The Company was converted into a Public LimitedCompany on April 7th 1994 and subsequently the name of theCompany was changed to ISHWAR BHUVAN HOTELS LIMITED and afresh certificate of incorporation was obtained.The Company acquired a non agricultural plot of landadmeasuring 1278 sq.mtrs in 1985 from M/s. HaribhaktiInvestments Corporation at a total cost of Rs. 25.02 Lacs.The Company thereafter obtained the Urban Land Ceilingpermission which almost took one year. Later the companyapplied for the Municipal Permission to Baroda MunicipalCorporation for the building plans for a Three Star HotelProject. The same was obtained in 1988. The company alsoobtained the approval of Tourism Development CorporationBombay. The excavation and site development work startedin 1989 alongwith the building construction. In the sameyear the group started another Restaurant Project in Bombaywhich necessitated the stalling of work in progressin Baroda. After the launch and opening of the restaurant("Revival") in the year 1991 the construction activitieswas restarted during October 1993 and the three storeybuilding construction was completed by December 1994. Thecompany during this period prepared the fresh projectreport for the Baroda Project and approached the financialinstitutions for the participation in the project by way ofterm loan. The company received the formal sanction of theterm loan of Rs. 200 lacs from TFCI vide their letter dated25/10/94.