Oberoi group company EIH Associated Hotels today said it is looking to raise funds through a rights issue.
In a filing to the BSE, the company said its board of directors will meet on March 28, 2012 to consider "raising of equity share capital through issuance of equity shares, on rights basis, to the existing equity shareholders."
In the proposed meeting, the board will also consider amalgamation of EIH Associated's wholly-owned subsidiary, Island Hotel Maharaj Ltd with the company, the filing added.
The company owns, manages and operates five star hotels in major tourist destinations in India.
EIH Associated Hotels is an associate company of EIH Ltd, the flagship company of the Oberoi Group.
Shares of EIH Associated today closed at Rs 153 apiece, up 0.59% from its previous close on the BSE.
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