Sayaji Hotels raises $7.5 mn through SSBs

New Delhi, Jul 31: Sayaji Hotels today said it has raised 7.5 million dollars through 0.5 per cent coupon Secured Foreign Currency Convertible Bonds (FCCBs), to fund the cost of its Pune projects.

The Greenfield Hotel Projects at Pune consists of an integrated hospitality complex of 200 rooms hotel restaurants banquet halls club house and service apartments.

The funds would also cater to the company's Bangalore Project, a company statement said.

The bonds are convertible into equity shares at a conversion price of Rs 75, which represents premium of about 74 per cent to the prevailing market price. They have tenure of 5 years 6 days and bear a yield to maturity of 7.5 per cent.

UNI