EIH rose 1.18% to Rs 85.50 after the hospitality major said its board approved raising upto Rs 350 crore through rights issue of equity shares.
The funds would be raised by allotment of equity shares for up to an aggregate amount of up to Rs 350 crore by way of a rights issue, on such terms to be decided by the board at a later date, the company said in a notification to the bourses on Monday.The promoters of the company have informed the board that they, along with the promoter group, collectively intend to fully subscribe to their rights entitlement and have reserved their right to subscribe to any additional equity shares, among themselves, in the event of under-subscription of the said issue, subject to applicable laws.
On a consolidated basis, EIH reported net loss of Rs 152.06 crore in Q1 June 2020 as against net loss of Rs 1.13 crore in Q1 June 2019. Net sales slumped 91.3% to Rs 29.74 crore in Q1 June 2020 over Q1 June 2019.
EIH, under the aegis of The Oberoi Group, operates hotels and cruisers in five countries under the luxury 'Oberoi' and five-star 'Trident' brands. The Group is also engaged in flight catering, airport restaurants, travel and tour services, car rentals, project management and corporate air charters.
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