Indian Hotels to raise Rs 1,000 crore

Board okays issue of CCD by way of a rights issue to existing shareholders

The board of Indian Hotels Company approved a fund raising of Rs 1,000 crore by way of issue of compulsory convertible debentures (CCD) by way of a rights issue to the existing shareholders.

The terms and conditions of the Rights Issue including the rights entitlement ratio, the issue price, record date, timing of the rights issue and other related matters shall be decided subsequently by a duly constituted committee of the board, the company said.

The board also approved, subject to the approval of the shareholders, the re-classification of the authorized share capital of the company comprising of Rs 2,000,000,000 divided into 1,000,000,000 equity shares of Rs 1 each and 10,000,000 cumulative redeemable preference shares of Rs 100 each into 2,000,000,000 equity shares of Rs 1 each aggregating to Rs 2,000,000,000.