IHCL approves a sum up to Rs 750 crore of long-term funds
The committee of Indian Hotels Company Limited (IHCL) has agreed to raise long-term funds in multiple tranches not exceeding Rs 750 crore.
The company informed via a statement on Wednesday. “The Board decided that, by means of international trade borrowing, foreign-currency borrowing, debenture, term loans, or some other debt instrument, the raising of long-term funds not greater than Rs 750 crore will occur.”
However, how the hospitality business owned by the Tata Group plans to use the funds not unclear. A recent report says that, in a two-year timeframe, Puneet Chhatwal, IHCL’s Managing Director & Chief Executives, the parent company of brands such as Taj and Vivanta and Ginger, “will be extremely selective about where they go … and with whom they will live. People are very emotional or curious about brands. “People are very selective.”
The analysts say that, due to a COVID-19 pandemic, the travel, aviation, and hospitality industries may be the worst hit.
April 23rd Stock Market
On the fourth day of the week, the stock market trading with the bullish trend. The Sensex traded with a gained 262.29 points reached 31,641.84 level with 0.84% up. Whereas, Nifty traded with a gain of 95.50 points reached 9,282.80 level with 1.04% up.
In the border market, the S&P BSE Midcap traded with a gain of 274.66 points reached 11,841.55 with 2.37% up. Whereas, S&P BSE SmallCap traded with a gain of 225.77 points reached 10,867.34 with 2.12% up. At the same time, Nifty bank traded with a gain of 301.20 points reached 20,003.05 with 1.53% up.