Indian Hotels Company has moved higher by 6% to Rs 112, its highest level since May 2010 on BSE, after the company announced that it plans to raise up to Rs 1,000 crore via rights issue.
The company will issue 9 compulsorily convertible debenture (CCD) for every 40 equity shares to raise up to Rs 1,000 crore via rights issue. The rights issue committee has fixed price at Rs 55 per CCD, Indian Hotels, the Tata Group Company said in a statement.
The CCDs will be converted into equity shares after 18 months from the date of allotment. No interest shall be paid and no redemption will be allowed on the unsecured CCDs, it added.
The stock opened at Rs 107 and has seen a combined 4.64 million shares changing hands on the counter till late noon deals on BSE and NSE.
The company will issue 9 compulsorily convertible debenture (CCD) for every 40 equity shares to raise up to Rs 1,000 crore via rights issue. The rights issue committee has fixed price at Rs 55 per CCD, Indian Hotels, the Tata Group Company said in a statement.
The CCDs will be converted into equity shares after 18 months from the date of allotment. No interest shall be paid and no redemption will be allowed on the unsecured CCDs, it added.
The stock opened at Rs 107 and has seen a combined 4.64 million shares changing hands on the counter till late noon deals on BSE and NSE.