Tata group hospitality firm Indian Hotels Co Ltd (IHCL) on Tuesday said it has fixed the rights issue price at Rs 150 per share to raise a total of Rs 1,982.10 crore from the eligible shareholders.
Last month, the company's board had given nod to raise Rs 4,000 crore, against Rs 3,000 crore approved earlier in August this year.
Accordingly, the board had approved to issue equity shares by way of a rights issue to the existing shareholders for an amount not exceeding Rs 2,000 crore and raising of funds through equity issuance for up to Rs 2,000 crore through qualified institutional placement (QIP) after the conclusion of the rights issue.
A meeting of the rights issue committee of the company held on Tuesday approved issuance of 13,21,39,827 fully-paid up equity shares each for an amount aggregating to Rs 1,982.10 crore, IHCL said in a regulatory filing.
The rights issue price has been fixed at Rs 150 per fully paid-up equity share, including a premium of Rs 149 per equity share, it added.
The issue will open on November 24, 2021, and close on December 8, 2021, the filing said.
Further, the rights entitlement ratio has been finalised at one equity share for every nine fully paid-up equity shares held by the eligible equity shareholders of the company, as on the record date of November 13, 2021, it added.
(With PTI Inputs)
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