Fomento Resorts and Hotels Ltd approves fund raising of Rs. 400 crores

The Board of Directors of Fomento Resorts and Hotels Ltd at its meeting held today i.e. March 17, 2018 considered and approved the proposal of availing financial assistance from any Bank(s) and/or Financial Institution(s) for a Rupee Term loan for an aggregate principal amount not exceeding Rs. 400,00,00,000/-(Indian Rupees Four Hundred Crores Only) ("Rupee Loan Facility.') to meet funding requirements towards proposed capital expenditure for the development, construction and completion of the new hotel project at Vainguinim, Goa. However, this borrowing shall be subject to the approval of the shareholders sought vide Postal ballot notice dated February 10, 2018 authorising conversion of outstanding loan or part thereof into fully paid up equity shares of the Company in the event of default as per the terms of borrowing as may be stipulated by the Lenders.

The meeting of the Board of Directors commenced at 5:00 pm and concluded at 7:45 p.m.

Shares of FOMENTO RESORTS & HOTELS LTD. was last trading in BSE at Rs.125.25 as compared to the previous close of Rs. 123.05. The total number of shares traded during the day was 100 in over 2 trades.

The stock hit an intraday high of Rs. 133.7 and intraday low of 125.25. The net turnover during the day was Rs. 12533.

Source : Equity Bulls

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