India Tourism Development Corporation Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 24, 2009, has approved preferential allotment of shares amounting to Rs 73 crores by issuing 1,82,50,000 Equity shares of Rs 10/- each at a premium of Rs 30/- per share subject to approval of the shareholders by special resolution under section 81(1A) of the Companies Act, 1956 in the Extra Ordinary General Meeting to be held and further subject to the exemption granted the Promoter being the Government of India (MOT) represented by the President of India under regulation 4 of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997. The above-said allotment of shares shall be done for the budgetary support granted by the Government of India, Ministry of Tourism in connection with the renovation of Hotel Ashok, New Delhi.
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