Royal Orchid Hotels to raise up to Rs 150 crores

Royal Orchid Hotels Ltd has announced that the Board of Directors of the Company at its meeting held on August 19, 2010, inter alia, considered and approved, a proposal to raise funds for the company, up to an extent of Rs. 150 Crores, by way of issue of Non - Convertible Debentures and/or Preferential Convertible Share Warrants or such other financial instruments, through QIP basis or otherwise, subject to the approval of the Shareholders at the ensuing Annual General Meeting scheduled to be held on September 24, 2010.

The stock closed the day at Rs.82.35, up by Rs.0.35 or 0.43%. The stock hit an intraday high of Rs.85 and low of Rs.81.20.

The total traded quantity was 56630 compared to 2 week average of 19113.

Source : Equity Bulls

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