Viceroy Hotels gains on QIP plans

Viceroy Hotels ended at Rs 54, higher by Rs 1 or 2.6%, on the BSE.

The volumes surged to 7.44 lakh shares as against the two-week average of 4.23 lakh shares.

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(Updated at 1015am)

Viceroy Hotels has hit the 5% upper circuit in early trades this morning on QIP plans.

The company is planning to raise an amount of up to $15 million (approximately Rs 70 crore) through a qualified institutional placement (QIP) of equity shares not exceeding 10 million of Rs 10 each at a premium.

The board also okayed the additional term loan sanctions of Rs 113 crore from Canara Bank, IDBI Bank, Allahabad Bank, Syndicate Bank and Lakshmi vilas Bank to part finance its Bangalore hotel project, the company said in a filing to the BSE.

The stock is currently locked at the 5% upper limit level of Rs 55.65, with pending buy orders for over 64,000 shares. So far 430,092 shares have changed hands at the counter on the NSE.