IHCL Board approves raising of long term funds not exceeding INR 250 crore by way of secured or unsecured long term financing.

Tata Group backed Indian Hotel Company's board has approved raising of long term funds not exceeding Rs 250 crore by way of secured or unsecured long term financing in one or a combination of external commercial borrowings, foreign currency borrowings, non-convertible debentures, term loans or through any other debt instrument in one or more tranches on Monday.

At a board meeting, the board also authorised a committee to determine and approve the quantum, timing and nature of terms and conditions of the instrument to be issued.

IHCL reported revenue from operations of INR 344.55 crore for the quarter ended June this year, up from INR 144 crore in the corresponding period of the last fiscal. On a quarter on quarter basis though, it reported a 44 per cent fall in revenues.

It reported losses of INR 301.5 crore down from INR 313 crore in the corresponding period of the previous fiscal year. On a quarter-on-quarter basis, losses were up by 102 per cent.

IHCL said business for the quarter was severely impacted on account of the second wave and the chain witnessed softer revenues due to partial or complete lockdowns in several states of India.