Kotawala India board proposes possible $25 million convertibles offering

By Laura Lutz

Washington, Dec. 20 - Kotawala India Ltd. announced that its board agreed to issue $25 million of foreign currency convertible bonds, American depositary receipts, global depositary receipts or other equity-linked instruments.

Proceeds will be used for the company's expansion and acquisition plans.

At its meeting on Dec. 18, the board also decided that, subject to shareholder approval, the company's name will change to Suave Hotels Ltd. and that the company will launch a chain of restaurants in India and internationally.

Kotawala is a Mumbai-based hotel operator. Along with other changes, the board plans to move its headquarters to Goa, India.

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