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East Indian Hotels Ltd (EIH), a part of The Oberoi Group, plans to raise Rs 400 crore and is seriously considering a variety of options, including private and public placements in India and abroad. Owners of Oberoi Hotels & Resorts and Trident brands in India, the company has appointed Kotak Mahindra Capital Co Ltd as the global coordinator and sole bookrunner for this purpose. According to a notification to the BSE, the company has considered and approved issue(s) of equity shares either directly to investors through a private or public placement or through the Depository Receipt (DR) mechanism or to Qualified Institutional Buyers (QIB) pursuant to a Qualified Institutional Placement (QIP). EIH Ltd officials in New Delhi were not available for further details on the purpose of raising the funds. However, it is most likely that the funds will be utilised for the 12 hospitality projects being announced by EIH chairman PRS Oberoi at the company’s 59th AGM in Kolkata last July. The hospitality projects currently being pursued by the company include an agreement for a 250 key Oberoi Brand luxury hotel and 40 service apartments to be set up by a local real estate company for approximately $100 million. Located at the Business Bay, the Dubai project is scheduled to be operational by early 2009. Other projects include a 437-key Trident Hilton hotel in the Bandra Kurla Complex, Mumbai; a 150-key Oberoi Brand luxury hotel located next to the Trident Hilton Gurgaon; a 130-key Oberoi Brand luxury hotel and 40 service apartments near Manesar, Gurgaon, to be owned by the Uppal Group. source: DNA Money | Daily Extras! Eclat Me | Success Tip of the Day| 1DailyDiversion| Eclat Web - Must Visit Websites! A Beautiful Pic Every Day! Word of the Day| Quotation of the Day| Make Money! Immigration News! Desire- WOW Stuff! Stock Mkt Updates |
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