Kamat Hotels to raise Rs 227 cr from markets

City-based Kamat Hotels (India) Ltd will raise over Rs 227 crore ($50 million) from the international or the domestic market.

The proposal to raise the funds through the issue of Foreign Currency Convertible Bonds (FCCBs), GDRs, ADRs, equity shares of Rs 10 each or other securities was approved by the shareholders at the AGM held on September 23, the company informed the Bombay Stock Exchange.

It also said that the unissued 1.45 crore preference shares of Rs 10 each aggregating to Rs 14.50 crore have been cancelled for the purpose of reclassification of the authorised share capital of the company, which has been reclassified to Rs 30 crore divided into three crore equity shares of Rs 10 each.