Tata Group firm Indian Hotels Company today said it plans to raise Rs 200 crore through allotment of non-convertible debentures (NCDs) amounting to Rs 200 crore on private placement basis.
As per the resolution passed by the Board of Directors on May 18, 2016, "it is proposed to allot unsecured, redeemable, non-cumulative and non-convertible debentures aggregating Rs 200 crore on private placement basis," Indian Hotels Company said in a BSE filing.
However, the company did not disclose how it wanted to use the funds it plans to raise.
The NCDs are proposed to be listed at wholesale debt market segment of National Stock Exchange, it added.
The tenure of allotment is for three years, with April 20, 2017 being the deemed date of allotment, Indian Hotels said.
"The interest rate/coupon is 7.85 per cent per annum," it added.
Shares of Indian Hotels Company closed 0.12 per cent up at Rs 128 on BSE.
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