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Sunday, January 22, 2006

Sinclairs Hotels to raise Rs 60cr via equity issue

The Kolkata-based Sinclairs Hotels yesterday decided to raise Rs 60 crore (Rs 600 million) by issuing equity shares, report agencies.

The board of directors took a decision in this regard at its meeting, the company, operating hotels at Ooty, Darjeeling, Port Blair, Chalsa and Siliguri, informed the stock exchanges.

The board resolved to make further issue of equity shares at such premium for such sum not exceeding Rs 60 crore (Rs 600 million) and on such other terms and conditions in accordance with Sebi (Disclosure & Investor Protection) Guidelines 2000, it said.

The company is expected to invest the raised amount to set up new hotels and upgrade the existing ones over the next five years.

The hotel chain is also bullish on the prospects of its property at Chalsa in the Dooars region of North Bengal.

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