The board of Indian Hotels Company has approved rights issue of equity shares for an amount not exceeding Rs 3,000 crore.
As per the company's disclosure, the objective of the issue is to meet its financing needs for capital expenditure, growth plans and debt repayment and will be finalised in consultation with the merchant bankers.
Meanwhile, the board has approved the formation of a committee of directors for the rights issue to decide on 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.
The hospitality company posted a consolidated net loss of Rs 270.05 crore in Q1 FY22 as compared to a net loss of Rs 266.93 crore in Q1 FY21. Net sales soared 139.9% year-on-year to Rs 344.55 crore in Q1 FY22 over Q1 FY21.
Shares of Indian Hotels Co. were down 1.41% at Rs 135.90 on BSE.
The Indian Hotels Company (IHCL) and its subsidiaries bring together a group of hospitality brands and businesses, which include Taj, SeleQtions, Vivanta, and Ginger. IHCL has a portfolio of 221 hotels including 53 under development globally across 4 continents, 12 countries and in over 100 locations.
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