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Hospitality major EIH Ltd, which runs hotels and resorts under the Oberoi and Trident brands, has received the approval of its board to raise funds to the tune of ₹350 crore.
“The funds would be raised by issuance and allotment of equity shares for up to an aggregate amount of up to ₹350 crore by way of a rights issue, on such terms (to be decided by the board or a duly constituted committee of the board at a later date) as are in accordance with applicable law, including Companies Act, 2013 and the rules made thereunder....,” the company said in a notification to the bourses on Monday.
The company further said that subject to any other terms of issue which may be decided, the promoters of the company have informed the board that they, along with the promoter group, collectively intend to fully subscribe to their rights entitlement and have reserved their right to subscribe to any additional equity shares, amongst themselves, in the event of under-subscription of the said issue, subject to applicable laws.
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