Country Club to raise $470 mn from overseas mkts

New Delhi, Dec 11: Country Club India Ltd today said it will raise funds worth 470 million dollars from the overseas market.

The company said it has received approval of its board for ''rising of funds in the international offerings by way of convertible securities including Foreign Currency Convertible Bonds (FCCBs), Global Depository Receipts (GDRs) and American Depository Receipts (ADRs) to the tune of 470 million dollar.'' The Board of Directors also approved the proposal to issue convertible warrants to the promoter (s) and outsiders at a price arrived at in line with the SEBI Guidelines and issue of equity shares and convertible instruments through Qualified Institutions Placement mechanism.

Country Club with 12 operational clubs has been recognised by the Limca Book of World Records as the largest chain of family clubs in India.

UNI