Indian Hotels Company has announced that Tata Sons vide their letter dated 22 June 2012 has exercised the option to convert 4,80,00,000 warrants where each warrant entitled Tata Sons to subscribe to one ordinary share of the company of Re 1 each of the company at the rate of Rs 103.64 per share.
Pursuant to receipt of money from Tata Sons, the committee of directors on 22 June 2012 has approved the allotment of 4,80,00,000 ordinary equity shares of Re 1 each of the company at a premium of Rs 102.64 per share aggregating to Rs 497.47 crores (of which 25% amounting to Rs 124.37 crores had been received on allotment of warrants), in accordance with the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.
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