Indian Hotels Company Ltd to consider terms and conditions of CCD issue

A meeting of the Rights Issue Committee - 2014 (the "Committee") of Indian Hotels Company Ltd has been convened on June 24, 2014, to consider and approve, the terms and conditions of the compulsorily convertible debentures (the "CCDs") to be issued, including entitlement ratio, pricing, tenor, coupon of the CCDs and such other terms and conditions as the Committee may deem appropriate, by way of rights issue to the existing shareholders of the Company on the 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 and other applicable laws (the "Rights Issue").

The Board of Directors of the Company (the "Board"), at its meeting held on March 27, 2014, had approved the issue of the CCDs by way of the Rights Issue and had delegated authority to a duly constituted committee of the Board to decide the terms and conditions of the Rights Issue and other related matters.

Shares of INDIAN HOTELS CO.LTD. was last trading in BSE at Rs.99.35 as compared to the previous close of Rs. 100.65. The total number of shares traded during the day was 580299 in over 1700 trades.

The stock hit an intraday high of Rs. 101.5 and intraday low of 98. The net turnover during the day was Rs. 57948560.

Source : Equity Bulls

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