IHCL seeks Sebi nod to raise Rs 1,000 cr via debentures
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IHCL seeks Sebi nod to raise Rs 1,000 cr via debentures

Last Updated: Thursday, April 24, 2014, 14:10
 
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IHCL seeks Sebi nod to raise Rs 1,000 cr via debentures
Mumbai: Tata group hospitality major, Indian Hotels Company Ltd (IHCL), has sought market regulator Sebi's approval to raise Rs 1,000 crore through issue of debentures on rights basis.

As per the draft offer document filed by IHCL with Sebi, the company is planning to issue 'compulsorily convertible debentures (CCDs)' for an amount "not exceeding Rs 1,000 crore on a rights basis to the eligible equity shareholders of the company...".

IHCL intends to utilise part of the proceeds from the issue towards capital expenditure proposed to be incurred by the company for construction of Vivanta by Taj in Guwahati.

Besides, the firm would use the funds for repayment or pre-payment of certain borrowings, funding of capital expenditure related to renovation proposed to be undertaken at some of its hotels as well as for general corporate purposes.

JM Financial Institutional Securities, DSP Merrill Lynch, SBI Capital Markets and Standard Chartered Securities (India) Ltd are the lead managers to the issue. Link Intime India is the registrar to the issue.

IHCL is engaged in the business of owning, operating and managing hotels and resorts. The company operates the Taj Mahal chain of hotels and resorts.

Some of its well-known hotels include Mumbai's Taj Mahal Palace and Jodhpur-based Ummaid Bhawan Palace.

As of December 31, 2013, the company operated 125 hotels and resorts with 15,391 rooms and had presence across various geographical segments including beach resorts, hill stations, wildlife sanctuaries, major cities and tourist destinations.



PTI

First Published: Thursday, April 24, 2014, 14:05


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