Viceroy Hotels to raise Rs 28cr

The board of directors of Viceroy Hotels, which met today, approved proposals to raise Rs 28 crore by issuing shares and equity warrants to promoters and strategic investors.

According to a release issued by the company to the BSE today, the meeting approved allotment of 21,12,500 equity shares of Rs 10 each at a premium of Rs 50 per share, and 25,52,500 warrants of Rs 10 each at a premium of Rs 50 per share, which are convertible into equity shares not later than 18 months from the date of allotment.

"Rakesh Jhunjhunwala has been appointed as an additional director of the company," the release added.

The stock is frozen at its 10% upper limit at Rs 103 - a gain of Rs 9.