Indian Hotels to raise Rs 495 cr via pvt placement of NCDs

Tata group hospitality firm Indian Hotels Company Ltd (IHCL) will raise Rs 495 crore through private placement of non-convertible debentures (NCDs).

In a regulatory filing, the company said it "proposed to allot secured, redeemable, non-cumulative and non-convertible debentures (NCDs) aggregating Rs 495 crore on private placement basis".

IHCL said its board of directors on May 18, 2016, had passed a resolution on the same.

NCDs will be for a tenure of five years and two months till April 15, 2022, with the deemed date of allotment being January 20, 2017.

"The said security shall be created by the issuer in favour of the debenture trustee within a maximum 90 days from the deemed date of allotment," it said.
 

The stock of IHCL was trading at Rs 102 in the afternoon trade, up 0.10 per cent from the previous close, on BSE.