IHCL to raise Rs 150 cr via NCDs

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Tata group firm Indian Hotel Company Ltd (IHCL) on Friday said a committee of the company has approved raising of Rs 150 crore by issuing securities on private placement basis to Axis Bank.

"The Committee for long term Borrowings, has today by way of a circular resolution, considered and approved raising of funds by way of issuance of rated, unsecured, listed, redeemable, non-convertible debentures of face value of Rs 10 lakh only aggregating to Rs 150 crore only by way of private placement, to Axis Bank Ltd," IHCL said in a BSE filing.

The company, however, did not disclose the reasons for raising the funds.

The NCDs are proposed to be listed on the wholesale debt market segment of National Stock Exchange of India Ltd and the tenor of the instrument is 3 years from the deemed date of allotment, it added.

Shares of Indian Hotel Company Ltd closed at Rs 80.50 per scrip on the BSE, down 0.43 per cent from its previous close.