Indian Hotels Company rose 1.23% to Rs 144.15 after the company said that a special committee of the board approved raising upto Rs 250 crore on a private placement basis through non-convertible debentures (NCDs).
In a regulatory filing, Indian Hotels said, The meeting of committee for Long Term Borrowing of company was held on Wednesday 30 June 2021 and the committee considered and approved raising of funds by way of issuance of rated, unsecured, listed, redeemable, non-convertible debentures of face value of Rs 10,00,000 aggregating to Rs 250,00,00,000 (Two Hundred and Fifty crore only), by way of private placement.The NCDs are proposed to be listed on the wholesale debt market segment of National Stock Exchange of India and the tenor of the instrument is three years from the deemed date of allotment with a call option available to Indian Hotels Company Limited to purchase the NCDs from the debenture holders every six months during the tenor of the instrument.
Indian Hotels Company is South Asia's largest hospitality company by market capitalization. It operates brands such as Taj, SeleQtions, Vivanta, and Ginger. The company has a portfolio of 196 hotels including 40 under development globally across 4 continents, 12 countries and in over 80 locations.
On a consolidated basis, the company posted a net loss of Rs 91.3 crore in Q4 FY21 as compared to Rs 74.32 crore registered in Q4 FY20. Net sales tumbled 42.1% to Rs 615 crore in Q4 FY21 over Q4 FY20.
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