Country Club to spend Rs 1k cr on new format

Country Club (CCIL), a leading chain of family clubs, today said it has earmarked Rs 1,000 crore for setting up a miniature version of the chain across leading Indian cities.

The first of the miniature version, christened CK 27, has been opened at Bengaluru, while a few more would come up in Mumbai, New Delhi, Ahmedabad and other metros in the next two years.

The company will fund the expansion plan through a mix of internal accruals, a global depository receipt (GDR) issue of $123 million floated by it recently and a foreign currency convertible bond (FCCB) of $25 million.