Indian Hotels Company Ltd on Friday said its directors have approved allotment of 4.8 crore equity shares worth Rs 497.47 crore to Tata Sons Ltd, the promoter of Tata group companies.
Tata Sons has exercised the option to convert 4.8 crore warrants where each warrant entitled Tata Sons to subscribe to one ordinary share of the company of Re 1 each at Rs 103.64 per share, Indian Hotels said in a filing to the BSE.
“Pursuant to receipt of money from Tata Sons Ltd, the committee of directors has on June 22, 2012 approved the allotment of 4,80,00,000 ordinary equity shares of Re one each of the company at a premium of Rs 102.64 per share aggregating to Rs 497.47 crore,” it said, adding Rs 124.37 crore had been received on allotment of warrants.
Indian Hotels’ scrip closed at Rs 59.80 a share, up 6.03 per cent from the previous close on the BSE.