By PTI Oct 14, 2020 4:40:40 PM IST (Published)
The firm received applications for 8.63 crore shares or 160 percent of the issue size at the close, according to market sources. In all, Rs 561 crore worth shares were bid for, they said.
The rights issue of EIH Ltd, which runs hotels and resorts under the Oberoi brand, has been over-subscribed, with Rs 561 crore being offered against the issue size of Rs 350 crore. EIH offered 5.37 crore shares for subscription to existing shareholders at a price of Rs 65. The rights issue opened on September 29 and closed on October 13.
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The firm received applications for 8.63 crore shares or 160 percent of the issue size at the close, according to market sources. In all, Rs 561 crore worth shares were bid for, they said.
EIH plans to use Rs 280 crore out of the net proceeds of the rights issue to repay/prepay some of its existing borrowings, according to the offer letter for the rights issue. The remaining Rs 65.98 crore are to be used for general corporate purposes.