Viceroy Hotels Ltd to raise funds

The Board of Viceroy Hotels Ltd approved the proposal to come out with qualified institutions placement of equity shares not exceeding 1,00,00,000 (One Crore) of Rs. 10/- each at a premium in accordance with the provisions of Chapter VIII of the SEBI Regulations, ("Qualified institutions Placement) to raise an amount up to USD 15.00 Million or equivalent to INR 70 crores.

The Board approved and authorised the Managing Director to call for the meeting of the shareholders of the company on February 03, 2010 for passing The necessary resolution under section 81 (IA) of the Companies Act 1956.

The Board approved the additional term loan sanctions of Rs. 113.00 crores from Canara Bank, IDBI Bank, Allahabad Bank, Syndicate Bank and Lakshmivilas Bank to part finance the Bangalore hotel project.

The Viceroy Hotels stock closed the day at Rs.52.05, down by Rs.2.15 or 3.97%. The stock hit an intraday high of Rs.54.90 and low of Rs.51.65.

The total traded quantity was 195998 compared to 2 week average of 463602.

Source : Equity Bulls

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