Indian Hotels Company Ltd approves rights issue of Rs. 1500 crores

The Board of Directors of Indian Hotels Company Ltd at its meeting held on August 21, 2017, has considered and approved, subject to receipt of relevant approvals from regulatory authorities, as may be required, 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 Rs. 1,500 crores in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended.

The objective of the aforementioned Issue is to meet the company's long-term financing needs for capital expenditure, growth plans and debt repayment.

The Board also approved the formation of a Committee of Directors for the said Rights Issue to decide on 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.

Shares of INDIAN HOTELS CO.LTD. was last trading in BSE at Rs.119.65 as compared to the previous close of Rs. 123.95. The total number of shares traded during the day was 82224 in over 556 trades.

The stock hit an intraday high of Rs. 125.6 and intraday low of 119.1. The net turnover during the day was Rs. 9974545.

Source : Equity Bulls

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