Sterling Holidays to raise Rs100 cr from QIBs

Sterling Holidays Resorts (India) Ltd is planning to raise around Rs 100 crore by way of Qualified Institutional Placement (QIP) of the securities to the Qualified Institutional Buyers (QIBs), according to the company’s announcement in Bombay Stock Exchange today. The company representatives were not available for comment.

It said the company was currently evaluating various options including acquistion of new properties and hospitality businesses, and that it could be funded by raising further capital through issuance, offer and allotment of equity shares, fully or partly convertible debentures, non-convertible debentures with warrants, FCCBs or any other securities. The company has said these would be convertible into or exchangeable with equity shares on a date specified by its board but within five years. The company said it would also evaluate possible alliances with strategic partners as part of its overall growth options.