Asian Hotels to raise Rs 180 cr via pref issue

Hospitality firm Asian Hotels is planning to raise up to Rs 180 crore through non-convertible preference shares.The company,on April 30 had proposed to raise Rs 90 crore through redeemable non-convertible preference shares but later suspended the same.

The suspension came due to a notification from the finance ministry which said that foreign investment through optionally convertible preference shares would be considered as debt requiring compliance with the guidelines on External Commercial Borrowings.

The Board of Directors of the company will meet on May 14 to consider preference issue of non-convertible redeemable preference shares up to an amount of Rs 180 crore.Other proposals like approval for the revised draft scheme of arrangement and demerger for restructuring the company as well reclassification or hike of the authorised share capital would also be taken up in the meeting, the company said.

Read more in The Economic Times article.