Indian Hotels to raise Rs495 crore via private placement of NCDs
Indian Hotels says the NCDs will be for a tenure of 5 years and 2 months till 15 April 2022, with the deemed date of allotment being 20 January 2017
New Delhi: Tata group hospitality firm Indian Hotels Company Ltd (IHCL) will raise Rs495 crore through private placement of non-convertible debentures (NCDs).
In a regulatory filing, the company said it “proposed to allot secured, redeemable, non-cumulative and non-convertible debentures (NCDs) aggregating Rs495 crore on private placement basis".
IHCL said its board of directors on 18 May 2016, had passed a resolution on the same. NCDs will be for a tenure of five years and two months till 15 April 2022, with the deemed date of allotment being 20 January 2017.
“The said security shall be created by the issuer in favour of the debenture trustee within a maximum 90 days from the deemed date of allotment," it said.
The stock of IHCL closed at Rs102.35, up 0.10% from the previous close, on BSE.
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