Eco Hotels' Successful Rights Issue: A Step Towards Expansion

Eco Hotels and Resorts recently announced a successful fundraising effort, gathering Rs 19.57 crore through a robustly subscribed rights issue. This financial move saw 1.6 times subscription, with total bids reaching 2,01,78,312 shares against an issue size of 1,28,76,808 shares.

The capital will be directed towards securing long-term leases on hotel properties, making necessary security deposits, and providing construction advances to accelerate hotel project completions. Furthermore, the funds will cover general corporate expenditures.

Executive Chairman Vinod Kumar Tripathi expressed satisfaction with the overwhelming shareholder participation, highlighting the trust in the company's strategic direction. With an eye on expanding its presence within India, Eco Hotels plans to build a robust workforce to propel its hospitality initiatives, aiming to achieve 5,000 keys by 2030.

(With inputs from agencies.)