Country Club India board approves to raise $150 million

NEW DELHI: Entertainment and leisure firm Country Club India today said it's board has approved to raise funds to the tune of $ 150 million (nearly Rs 960 crore) through various instruments.

The Board of Directors of the company at its meeting has approved raising funds to the tune of $ 150 million through various mechanisms such as global depositary receipt (GDR), American depositary receipt (ADR), Qualified institutional placement (QIP) and Foreign currency convertible bonds (FCCBs), Country Club India said in a statement.

The company, however, did not provide details on how it planned to use the funds.

Country Club India currently has 55 properties that are company owned and 175 which are franchised establishments.

The company provides health clubs, multi-cuisine restaurants, business centres, swimming pools and other world-class facilities.

Shares of Country Club India today closed at Rs 6.05 per scrip on BSE, up 2.54 per cent from their previous close.