Country Club raises USD 25 mn through FCCBs

Mumbai, Dec 28 (UNI) Country Club of India Ltd (CCIL), the country's largest leisure&infrastructure company, has raised USD 25 million by way of issuing Foreign Currency Convertible Bonds (FCCBs) in the international markets.

The FCCBs have been subscribed by Morgan Stanley&Co Iternational, the Fudor BVI Global Portfolio Ltd and Citadel Equity Fund Ltd, said a CCIB press release here today adding that they will be listed on Singapore Stock Exchange.

Elara Capital Plc, London was the lead manager for the issue and PL Advisory Services as the Indian advisor to the company.

With 100 properties across India -- 25 owned and 75 through franchisees -- CCIL chalked out an expansion plan that entails capital expenditure of over Rs 600 crore over the next two years.

A portion of its capital requirement would be met through the recent FCCB proceeds, the release added.

UNI SN GB SKB1837