Fund raising plan fortifies Royal Orchid Hotels

Royal Orchid Hotels rose 2.24% to Rs 82.15 at 11:22 IST after the firm said its board will meet on 19 August 2010, to consider raising funds.

The announcement was made after market hours on Monday, 17 August 2010.



Meanwhile, the BSE Sensex was up 10.70 points, or 0.06%, to 18,061.48.

On BSE, 30,000 shares were traded in the counter as against an average daily volume of 13,696 shares in the past one quarter.

The stock hit a high of Rs 85 and a low of Rs 82.10 so far during the day. The stock had hit a 52-week high of Rs 88.40 on 8 January 2010 and a 52-week low of Rs 54.40 on 17 August 2009.

The board will consider various options, such as issuing non-convertible debentures, preferential convertible share warrants or such other financial instruments through a qualified institutional placement or otherwise.