Oberoi group firm EIH Associated Hotels said its board has approved raising of up to Rs110 crore through a rights issue.
In a filing to the BSE, the company said it will issue equity shares of face value of Rs10 each to its existing shareholders.
'The terms and conditions of the issue, including the rights entitlement ratio, the issue price, issue size, record date and other matters shall be decided by a committee of board constituted for this purpose in consultation with the lead manager,' the filing said.
In a meeting held today the board also approved amalgamation of EIH Associated's wholly-owned subsidiary Island Hotel Maharaj with the company.
The amalgamation is subject to subject to statutory and regulatory approvals, and subject to the scheme of amalgamation being sanctioned by the High Court of Madras, the filing added.
EIH Associated Hotels, an associate company of Oberoi Group's EIH, manages and operates five star hotels in major tourist destinations in India.
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In a filing to the BSE, the company said it will issue equity shares of face value of Rs10 each to its existing shareholders.
'The terms and conditions of the issue, including the rights entitlement ratio, the issue price, issue size, record date and other matters shall be decided by a committee of board constituted for this purpose in consultation with the lead manager,' the filing said.
In a meeting held today the board also approved amalgamation of EIH Associated's wholly-owned subsidiary Island Hotel Maharaj with the company.
The amalgamation is subject to subject to statutory and regulatory approvals, and subject to the scheme of amalgamation being sanctioned by the High Court of Madras, the filing added.
EIH Associated Hotels, an associate company of Oberoi Group's EIH, manages and operates five star hotels in major tourist destinations in India.
....more info