Sterling Holiday Resorts To Raise Rs 120 Cr For Expansion
Sterling Holiday Resorts (India) Limited is planning to raise Rs.120 Cr through preferential allotment of shares and convertible warrants, to fund expansion plans.
Rakesh Jhunjhunwala and Radhakrishna Damani are likely to buy one crore shares in the company.
Transaction Reference: Economic Times
Sterling Resorts is engaged in vacation ownership business and has a network of 14 resorts in 12 holiday destinations across India and membership base of over one lakh.
It has already identified 13 new sites in addition to its existing portfolio of 14 resorts. Of the 14 resorts, 10 are owned and four are leased.
Bay Capital Investments Ltd (formerly known as Indus Hospitality Fund Ltd) invested Rs.27.58 Cr for 16.44% in Sterling in June 2009 by way of preferential allotment. This acquisition required Bay Capital to make a mandatory open offer. In 2010, Bay Capital along with India Discovery Fund (as persons acting in concert) toghther acquired 0.01% stake through open offer. Post-open offer, both together hold 19.37% stake in Sterling Holiday.
Bay Capital and India Discovery Fund, have increased their stake and as on March 2011, together hold 22.8% in the company.
Sterling, which was set up in 1986 and has a market cap of around Rs.550 Cr with 1,200 rooms, its listed peer Mahindra Holidays, which was started in 1996, has a market cap of 3,150 Cr with 1,750 rooms.
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|Sterling Holiday Resorts (India) Limited||
S Sidharth Shankar
|#163, TTK Road, Alwarpet||http://www.sterlingholidays.com|
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