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Indian Hotels to secure Rs. 1,500 cr via rights issue

IHCL Tata Group’s hospitality biz is in process to secure Rs 1500 crore via right issue.
BY BEx Bureau
BusinessEx
Aug 22, 2017

Indian Hotels Company Ltd (IHCL) filing in BSE stated that the company is planning to raise funds to accomplish its long-term financing needs for capital expenditure, growth plans, and debt repayment.

In a meeting which took place today, the board of directors of the company has considered the request and has approved to issue equity shares by way of rights issue to the existing shareholders of the company on a record date for an amount not exceeding Rs 1,500 crore, the filing added.

This is subject to the relevant regulatory approvals, IHCL said.

The Companys board has also agreed to form a committee of directors for the rights issue to decide on the terms and conditions of the rights issue including the rights entitlement ratio, issue price, record date, timing of the issue and other related matters, it added.

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