India's EIH announces $258 million rights issue

The Indian hotel operator that is part of the Oberoi group offers the shares at a 20.5% discount to Terp after adjusting the announced offer price to Rs66 per share from Rs65.

Luxury hotel operator EIH, the flagship of India’s Oberoi Group, has announced a rights issue with the aim of raising up to Rs11.79 billion $258 million. The Reg-S offering, which is priced at a 20.5% discount to the theoretical ex-rights price Terp, will kick off on March 1.

Rights issues are not that common in India and the latest issue to hit the market was the $263 million offering by integrated rice producer and processing company Rei...

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