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Sterling Holiday Resorts India Ltd today said it plans to raise Rs 120 crore through the issuance of equity shares and warrants on a preferential basis to fund expansion plans.
The company’s board of directors, at its meeting held on July 20, has decided to hold an extraordinary general meeting (EGM) on August 13, 2011, to seek shareholders’ approval for the same.
“The infusion of more capital into the company will enable Sterling to expand its footprint and fund the ongoing growth plans,” the Sterling Holiday Resorts Chairman, Mr Siddharth Mehta, said in a statement.
“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,” Mr Mehta said.
Besides seeking approval for an increase in its authorised share capital, the company will also seek shareholders’ nod for the appointment of Mr Ramesh Ramanathan as Managing Director.
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