Chalet Hotels Limited at the board meeting held on May 18, 2021 approve the issue of Zero Coupon Non-Cumulative, Non-Convertible, Redeemable Preference Shares of INR 100,000 each amounting to INR 1,000 million in the aggregate by way of Preferential allotment on Private Placement basis and consequent amendment to the Memorandum and Articles of Association of the Company. The company also approved the raising of long-term funds not exceeding INR 6,000 million by way of Non-Convertible Debentures, Term Loans or through any other debt instrument in one or more tranches.