Financial Daily from THE HINDU group of publications
Friday, May 10, 2002

News
Features
Stocks
Port Info
Archives

Group Sites

Corporate - Restructuring


Advani Hotels mulls rights, awaits strategy

Our Bureau

MUMBAI, May 9

ADVANI Hotels & Resorts India Ltd, which has appointed an advisor on restructuring, is considering various options, including a rights issue, to raise resources for working capital. A board meeting has been scheduled to finalise the details of the issue.

The company had hired Lasalle Partners to advise on strategies to tide over the "current critical situation and put it on a firm footing", the Bombay Stock Exchange has been informed. However, no strategies have been finalised. The mandate of Lasalle Partners expires in July and may be extended.

According to the company, the strategies and restructuring exercise being considered may include the sale of the company's hotel property in Goa, divestment of the promoter stake to a strategic investor and the induction of a strong multinational or local entity as a significant stakeholder in the company on a long-term management agreement basis.

The company may also consider the merger of its subsidiary with itself. The subsidiary runs the only live casino pleasure ship in the country.

Send this article to Friends by E-Mail

Stories in this Section
Induss Food in talks to upgrade rice mills


Electrolux Kelvinator Gurgaon plant closed
Bajaj Electricals suspends work at Matchwel unit
Exide Ind's Hosur unit to resume full operations soon
Cadbury sells land at Thane for Rs 11 cr
Pending insider trading charges -- Silverline move to hike promoter stake stalled
Shares thru salary at Nicco
BP, Castrol plea against SAT order rejected
Somasundara mill workers unhappy with new VRS plan
Advani Hotels mulls rights, awaits strategy
Kerala: New co replaces Norkwa
Panel for exempting pref issue from takeover code
TPL in talks with Vantico to exit Petro Araldite
Filing of returns by foreign firms
Masibus ties up with Navision for ERP solutions
SKF launches auto bearings kit
Rational, IBM knowledge centre
Climbing the learning curve to quality
Trayons revival hopes dashed
Pantaloon to focus more on film sector
Exide lists out priorities for charged-up show
First year after sell-off to Sterlite -- Strike, power shave Balco profit
SAIL sales surge in April despite increasing prices


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |

Copyright 2002, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line