Viceroy Hotels Limited has approved the proposal to sell the entire Chennai Project division to Ceebros Hotels Private Limited for Rs 480 crore.

The Chennai project division of the Hyderabad-based hospitality chain includes Chennai Hotel Project and Chennai Residential project.

The company Board has authorised P Prabhakar Reddy, Managing Director and Satish Choudhury, Company Secretary to carry out a postal ballot to facilitate the process.