Tata group hospitality firm Indian Hotels Company Ltd (IHCL) will raise Rs 495 crore through private placement of non-convertible debentures (NCDs).
In a regulatory filing, IHCL said the company “proposed to allot secured, redeemable, non-cumulative and non-convertible debentures (NCDs) aggregating Rs 495 crore on a private placement basis’’.
IHCL said its board of directors had on May 18, 2016 passed a resolution on the same.
NCDs will be for a tenure of five years and two months till April 15, 2022, with the deemed date of allotment being January 20, 2017.
“The said security shall be created by the issuer in favour of the debenture trustee within a maximum 90 days from the deemed date of allotment,” it said.
IHCL stock ended the session up by 0.44 per cent at Rs 102.35 on the BSE.