Kamat Hotels India plans $50 million convertibles offering for mid-February

By Angela McDaniels

Seattle, Feb. 6 - Kamat Hotels India Ltd. plans to issue up to $50 million of five-year foreign-currency convertible bonds to eligible foreign investors sometime in mid-February, according to a company notice filed with the Bombay Stock Exchange.

The bonds will be convertible into equity shares at Rs. 10 per share.

The company said it applied to list the bonds on the Stock Exchange of Singapore and that the bonds will be denominated in board lot sizes of $200,000 for trading purposes.

The Mumbai, India-based hotel and restaurant chain received shareholder approval to issue the bonds at its annual general meeting on Sept. 23.

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