Indus Hospitality Fund and India Discovery Fund have together announced an open offer for the shares of Sterling Holiday Resorts Ltd at Rs 36.25 a share, to acquire 22.86 per cent of the company’s existing equity capital (20 per cent of the post issue capital).
Last week, Indus Hospitality Fund was allotted on preferential basis 78.82 lakh shares in Sterling at Rs 35 a share. Another entity, Blue Ocean Investment Trust, was also allotted 16.44 lakh shares for the same price. One Mr C. Satish was allotted 5 lakh warrants.
Indus Hospitality Fund has intimated to the stock exchanges its intention to come out with an open offer.
Last year, the company paid off, under a one-time settlement scheme, its dues to banks, raising Rs 17 crore. In January, it made a preferential offer of shares to three entities, India Horizon Fund, India Discovery Fund and Blue Ocean Investment Trust.
Source: The Hindu Businessline