Kamat Hotels to issue FCCBs upto US$ 50 million, to list in Singapore Stock Exchange

Kamat Hotels India Ltd has announced that pursuant to the Annual General Meeting held on September 23, 2006 the Company is proposing to issue Foreign Currency Convertible Bonds ("FCCB/Bonds").

The Company is in the process of issuing unsecured Foreign Currency Convertible Bonds ("FCCBs" or "Bonds") amounting up to US $ 50 million due after 5 years from the date of allotment to eligible foreign investors. The Bonds shall carry an option to convert into equity shares of Rs 10/- each, ranking pari passu with the existing equity shares of the Company. The proposed issue of FCCBs is in conformity with the amended guidelines issued by Ministry of Finance, Government of India.

The Bonds are proposed to be issued on or about mid February, 2007 and will be listed and traded on the Stock Exchange of Singapore ("SGX-ST") subject to the approval of the SGX-ST for the proposed listing. The Company is in the process of obtaining necessary approvals for listing the Bonds on the Stock Exchange of Singapore ("SGX-ST"). The Bonds will be denominated in board lot sizes of US$ 200,000 for trading purposes.

Source : Equity Bulls

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