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Indian Hotels to raise up to Rs 1,500 crore via rights issue

LiveMint logoLiveMint 21-08-2017 PTI

New Delhi: Tata Group hospitality arm Indian Hotels Co. on Monday said its board has approved raising up to Rs1,500 crore through a rights issue.

Funds are being raised to “meet the company’s long-term financing needs for capital expenditure, growth plans and debt repayment”, Indian Hotels Co. Ltd (IHCL) said in a filing to the BSE.

The board of directors of the company at its meeting held on Monday has considered and approved issue of equity shares by way of a rights issue to the existing shareholders of the company on a record date for an amount not exceeding Rs1,500 crore, it added.

This is subject to the relevant regulatory approvals, IHCL said. The board also approved the formation of a committee of directors for the rights issue to decide on the terms and conditions of the rights issue including the rights entitlement ratio, issue price, record date, timing of the issue and other related matters, it added.

Shares of Indian Hotels Co. on Monday ended at Rs119.65 per scrip, down 3.47% from its previous close.

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