Galadari Hotels directors sets price for debt conversion
The board of directors of heavily indebted Galadari Hotels has approved a price of Rs. 15.26 a share to convert debt to equity.
The hotel plans to convert into shares Rs. 5.75 billion rupees owed to the parent firm Galadari Brothers Company and Rs. 583 million rupees owed to the National Insurance Trust Fund, a stock exchange filing said.