Sterling Holiday Resorts India Limited has announced plans to raise further capital to fund its ongoing projects and expansion plans.
 
The Company has called for an Extraordinary General Meeting on August 13, 2011 to seek shareholder approval to raise Rs. 1.2bn capital through the issuance of equity shares & warrants on a preferential basis. Details of the Preferential Allotment are available in the Company’s Notice to Shareholders, which has been filed with SEBI today.  
 
Commenting on the development, Siddharth Mehta, Chairman, Sterling Holiday Resorts said, “The infusion of more capital into the Company will enable Sterling to expand its footprint and fund the ongoing growth plans. We have been re-building the organisation for the last two years and with the hiring of some of the best professionals in the business and after the proposed capital infusion, we believe the Company is well positioned to become one of the leading Vacation Ownership and Leisure Hospitality companies in India. We are pleased that leading investors in India see the size of the opportunity that the Company presents and have expressed interest in investing in the Company.”

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