MAC Charles promoter sells full 73% stake to Embassy

Hospitality firm MAC Charles (India) promoter C B Pardhanani is selling his entire 73.41 per cent holding in the company to a realty firm Embassy Property Developments for Rs 644.34 crore. MAC Charles, which operates the LeMeridien hotel in Bengaluru, said its chairman Pardhanani has entered into a share purchase agreement with Embassy Property to sell 96.16 lakh shares constituting 73.41 per cent stake, along with complete management and control of the company.