Indian Hotels gains 3% as board approves Rs 2,000-crore QIP

A board meeting is scheduled to be held on March 25, 2022 to consider and approve the issue price, including a discount, for the equity shares to be allotted to QIB

Shares of Indian Hotels Company were up 3 per cent to Rs 215 on the BSE in Wednesday's intra-day trade after the Tata Group company announced that its qualified institutional placement (QIP) committee has approved the QIP issue on March 22, 2022. The company has proposed to mobilize around Rs 2,000 crore through QIP and has fixed floor price at Rs 203.48 per share.

At 09:33 am, Indian Hotels traded 1 per cent higher at Rs 210.60, as compared to 0.34 per cent gain in the S&P BSE Sensex. The stock had hit a 52-week high of Rs 230.14