Indian Hotels Co. Ltd (IHCL), the company which runs Taj Group of Hotels, is planning to raise Rs. 1,000 crore by selling debentures to fund capital expenditure programmes and to cut debt. It said it will sell compulsory convertible debentures to its promoter Tata Sons Ltd, according to a document filed by the company with the capital markets regulator.
The price of the securities will be fixed at a later stage. IHCL said it intends to utilize the proceeds to part-fund the capital expenditure proposed to be incurred for construction of a hotel property—Vivanta by Taj—in Guwahati, repayment of certain borrowings, funding of capital expenditure on existing hotels and other general corporate purposes.
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