The announcement was made during trading hours today, 19 August 2010.

Meanwhile, the BSE Sensex was up 199.25 points, or 1.09%, to 18,456.37.

On BSE, 46,000 shares were traded in the counter as against an average daily volume of 13,696 shares in the past one quarter.

The stock hit a high of Rs 85 and a low of Rs 82.10 so far during the day. The stock had hit a 52-week high of Rs 88.40 on 8 January 2010 and a 52-week low of Rs 54.65 on 19 August 2009.

The stock had outperformed the market over the past one month till 18 August 2010, gaining 4.86% compared with the Sensex's 1.68% rise. It outperformed the market in past one quarter, rising 7.89% as against 8.19% rise in the Sensex.

The small-cap hospitality firm has an equity capital of Rs 27.23 crore. Face value per share is Rs 10.

Royal Orchid Hotels said the board has approved a proposal to raise up to Rs 150 crore by way of issue of non-convertible debentures and/or preferential convertible share warrants or such other financial instruments, through qualified institutional place (QIP) basis or otherwise. The company will seek shareholders' approval at the annual general meeting (AGM) on 24 September 2010.

On a consolidated basis, Royal Orchid Hotels' net profit surged 531.2% to Rs 1.01 crore on 21% increase in net sales to Rs 31.32 crore in Q1 June 2010 over Q1 June 2009.