Tata group hospitality firm Indian Hotels Company (IHCL) has received an approval for issuing of equity shares by way of a Rights Issue to the existing shareholders of the company for raising capital not exceeding Rs 1,500 crore. The board of directors of the company at its meeting held on August 21, 2017 has approved for the same.
The board also approved the formation of a Committee of Directors for the said Rights Issue to decide on the terms and conditions of the Rights Issue including the rights entitlement ratio, the issue price, record date, timing of the Rights Issue and other related matters.
Indian Hotels Company and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces and recognized as one of Asia's largest and finest hotel company. It operates in the luxury, premium, mid-market and value segments of the market.
