Chalet Hotels sanctions loan of Rs200 crore for refinancing; Stock up ~3%

Chalet Hotels Ltd has knowledgeable that the Firm has been sanctioned a mortgage of Rs200 crore from lending establishment for refinancing of current debt availed for J W Marriott Mumbai Sahar Lodge and in the direction of Common Company Functions together with Working Capital necessities, for a tenure of 10 years together with moratorium interval of two years for principal compensation.

As per sanctioned phrases and circumstances of the mentioned facility, the lender has an choice to convert the mortgage into Fairness within the occasion of default by the borrower.

The Promoters of the Firm have furnished an Enterprise to the Lender to accord optimistic assent to needed decision/s proposed by the Firm in an occasion of default to allow conversion of the Facility (as could also be determined by the Lender) into Fairness underneath Part 62 of the Firms Act, 2013, as and when known as upon by the Lender to take action.

On Tuesday at round 10:33 AM, Chalet Accommodations was buying and selling at Rs308 apiece up by Rs8.5 or 2.84% from its earlier closing of Rs299.50 apiece on the BSE.