Indian Hotels raises $150m

Indian Hotels Company, the Tata's group's hosiptality company, has raised $150 million through foreign currency convertible bonds issue, as part of its expansion plans.

The $135 million issue with a greenshoe option of $15 million that opened post trading hours of the Bombay Stock Exchange (BSE) on February 3 was oversubscribed by over 20 times. The issue mobilised a response of about $3 billion.

The bonds are expected to be listed on the London Stock Exchange, where the company's global depository receipts (GDRs) are listed.

The company's GDSs are expected to be issued on February 11.