Chalet Hotels Ltd sanctioned loan of Rs. 200 crore for refinancing

Chalet Hotels Ltd has been sanctioned a loan of Rs.200 crore from lending institution for refinancing of existing debt availed for J W Marriott Mumbai Sahar Hotel and towards General Corporate Purposes including Working Capital requirements, for a tenure of 10 years including moratorium period of 2 years for principal repayment.

As per sanctioned terms and conditions of the said facility, the lender has an option to convert the loan into Equity in the event of default by the borrower. The Promoters of the Company have furnished an Undertaking to the Lender to accord positive assent to necessary resolution/s proposed by the Company in an event of default to enable conversion of the Facility (as may be decided by the Lender) into Equity under Section 62 of the Companies Act, 2013, as and when called upon by the Lender to do so.

Shares of Chalet Hotels Limited was last trading in BSE at Rs. 299.50 as compared to the previous close of Rs. 288.50. The total number of shares traded during the day was 45004 in over 1215 trades.

The stock hit an intraday high of Rs. 304.00 and intraday low of 288.90. The net turnover during the day was Rs. 13233548.00.

Source : Equity Bulls

Keywords

ChaletHotels INE427F01016 LoanSanctioned DebtRefinancing