Indian Hotels board approves proposal for long-term funds

Mumbai: The board of directors of Indian Hotels Company Ltd on Wednesday approved a proposal to raise long-term funds up to $ 150 million.

The company informed the Bombay Stock Exchange that the form and terms of the loans would be decided by a committee of the board. This would be subject to necessary approvals including the consent of the members of the company.

When contacted, company spokesperson said that the approval was only an enabling move and the format for raising funds would be decided in due course. He declined further details, including likely use of funds.