Royal Orchid Hotels today informed the stock exchanges that the board approved a proposal to raise funds up to Rs 150 crore.
This money could be raised either by issue of non-convertible debentures (NCDs) or preferential convertible share warrants, through qualified institutional placement (QIP) basis or otherwise.
This is subject to the approval of the shareholders, which will be sought at the company's annual general meeting scheduled to be held on September 24, 2010.