Sterling Holidays to raise Rs 120 cr for ongoing projects

Sterling Holiday Resorts India Ltd has announced plans to raise further capital to fund its ongoing projects. The company has called for an Extraordinary General Meeting on August 13 to seek shareholder approval to raise Rs 120 crore capital through the issuance of equity shares and warrants on a preferential basis, a note from the company said. Details of the preferential allotment were filed with SEBI, it added. Commenting on the development, Mr Siddharth Mehta, Chairman, Sterling Holiday Resorts, said, “The infusion of more capital into the company will enable Sterling to expand its footprint and fund the ongoing growth plans. We have been re-building the organisation for the last two years and with the hiring of some of the best professionals in the business and after the proposed capital infusion, we believe the company is well positioned to become one of the leading leisure hospitality companies in India.”