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Friday, May 10, 2002

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Corporate - Restructuring

Advani Hotels mulls rights, awaits strategy

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ADVANI Hotels & Resorts India Ltd, which has appointed an advisor on restructuring, is considering various options, including a rights issue, to raise resources for working capital. A board meeting has been scheduled to finalise the details of the issue.

The company had hired Lasalle Partners to advise on strategies to tide over the "current critical situation and put it on a firm footing", the Bombay Stock Exchange has been informed. However, no strategies have been finalised. The mandate of Lasalle Partners expires in July and may be extended.

According to the company, the strategies and restructuring exercise being considered may include the sale of the company's hotel property in Goa, divestment of the promoter stake to a strategic investor and the induction of a strong multinational or local entity as a significant stakeholder in the company on a long-term management agreement basis.

The company may also consider the merger of its subsidiary with itself. The subsidiary runs the only live casino pleasure ship in the country.

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