EIH Associated Hotels on Monday said its board of directors have approved issue of shares to its current shareholders on a rights basis.
The board of directors at its meeting held on August 31, 2012 has approved issue of 1,08,81,481 shares on a rights basis to its existing shareholders aggregating to approximately Rs 108.81 crore, EIH Associated Hotels said in a filing to BSE.
Rights ratio will be 5 equity shares of Rs 10 each for every 9 equity shares of Rs 10 each held by the shareholders as on the record date.
The shares will be issued at Rs 100 per share with a premium of Rs 90, EIH Associated Hotels said.
The issue will open on September 26, 2012 and will close on October 12, 2012, it added.
Shares of EIH Associated Hotels Ltd closed at Rs 155 per scrip on BSE, up 3.02 per cent from its previous close.