JP Morgan picks 49% stake in Viceroy Hotels unit

Viceroy Hotels, a mid-sized hotel and resort chain, said the real estate investment arm of JP Morgan has picked up 49 percent equity in one of its units for 700 million rupees.

JP Morgan India Property Mauritius has picked up stake in a Bangalore hotel subsidiary of the company, it said in a statement to the Bombay Stock Exchange late on Thursday.

"The investment is in line with our business restructuring plans," said a senior company executive. "We have appointed KPMG India to advice on the restructuring process."

The company's board also decided to raise another 700 million rupees through a stake sale to institutions. The company will sell 10 million equity shares of 10 each to raise funds, it added.