Tata Group hospitality arm Indian Hotels Company has approved allotment of over 18.18 crore to its shareholders at a ratio 1:1 on conversion of convertible debentures.
The company had issued 18,18,01,228 compulsorily convertible debentures of Rs 55 each on a rights basis one-and-a-half years back.
The convertible debentures "have been automatically and compulsorily converted into 18,18,01,228 equity shares fully paid up of the face value of Rs 1 each at a premium of Rs 54 upon the expiry of 18 months from the date of allotment i.E. on March 1, 2016", Indian Hotels Company said in a BSE filing.
The Rights Issue Committee - 2014 has subsequently approved the allotment of the aforesaid equity shares to the shareholders of the company as on the record date, February 19, 2016 at a ratio of 1:1, it added.
Shares of Indian Hotels Company today closed at Rs 100.15 per scrip on BSE, up 2.04 per cent from previous close.
