Indian Hotels Company, one of Asia's largest group of hotels, has announced the execution of a share sale deed for the divestment of 100% of its shareholding in The Blue Hotel in Sydney in favour of Australia Hotels & Properties.

The buyer belongs to the Jhunjhnuwala family controlled Hind Hotels & Properties Group. Based out of Hong Kong the Hind Group owns and operates hotels and services apartments under the Ovolo brand.

Subject to fulfillment of certain conditions, the transaction is scheduled to be completed by Oct. 31, 2014 as transfer of a 'going concern'. The transaction value is Australian dollar 32 million.

Shares of the company declined Rs 0.80, or 0.75%, to trade at Rs 106.35. The total volume of shares traded was 26,659 at the BSE (10.54 a.m., Thursday).