The funds will be raised through a mix of debt and equity. They will be used to double its total room capacity to 2,000 by the end of the next fiscal, reports PTI from New Delhi.
The company’s board has approved a proposal to raise up to Rs 150 crore of funds through the issue of non-convertible debentures and/or preferential convertible share warrants, or other financial instruments, including QIP.
The fund-raising initiative is subject to the approval of shareholders at the Annual General Meeting scheduled to be held on September 24, the company said in a filing to the BSE.
Published 19 August 2010, 14:52 IST