Indian Hotels to borrow up to $980 mn

Indian Hotels to borrow up to $980 mn

By Reuters

Mumbai: Indian Hotels Co. Ltd said on 4 September it had sought shareholder approval to borrow up to $980 million (Rs4,017 crore).

The borrowing could be through credit securities instruments including bonds, commercial papers or syndicated loans and could be either in rupees or foreign currencies, the company said in a notice to the stock exchange.

Last month, the company said it was planning to raise up to Rs19.24 billion through a rights issue of shares and convertible debentures to fund its growth plans, including possible acquisitions. Shares in the company rose 1.2% to Rs131.35 in a Mumbai market that gained 0.3%.

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