Indian Hotels Company Ltd Board approves rights issue to raise Rs. 1000 crores

The Board of Directors of Indian Hotels Company Ltd at its meeting held on March 27, 2014, has considered and approved, subject to the approval of the shareholders of the Company to the extent applicable, and receipt of relevant approvals from regulatory authorities, as may be required, issue of compulsory convertible debentures by way of a rights issue to the existing shareholders of the Company on a record date for an amount not exceeding Rs. 1,000 crores in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended.

The terms and conditions of the Rights Issue including the rights entitlement ratio, the issue price, record date, timing of the Rights Issue and other related matters shall be decided subsequently by a duly constituted committee of the Board.
The Board has also approved, subject to the approval of the shareholders of the Company, the re-classification of the authorized share capital of the Company comprising of Rs. 2,000,000,000 divided into 1,000,000,000 equity shares of Rs. 1 each and 10,000,000 cumulative redeemable preference shares of Rs. 100 each into 2,000,000,000 equity shares of Rs. 1 each aggregating to Rs. 2,000,000,000.

Shares of INDIAN HOTELS CO.LTD. was last trading in BSE at Rs.71 as compared to the previous close of Rs. 70.2. The total number of shares traded during the day was 202008 in over 2010 trades.

The stock hit an intraday high of Rs. 72.6 and intraday low of 70.65. The net turnover during the day was Rs. 14411604.