Fomento Resorts & Hotels Limited (BSE:503831) announced a private placement of preference shares for gross proceeds of INR 700,000,000 on August 8, 2014. The transaction was approved by the board of directors of the company. The transaction is subject to approval from the shareholders' of the company.

On September 27, 2014, the company announced that the transaction has received shareholders' approval in its 43rd Annual General Meeting.

On January 10, 2015, Fomento Resorts & Hotels Limited closed the transaction. The company issued 70,00,000 non-convertible, redeemable preference shares at INR 100 per share for gross proceeds of INR 700,000,000 to Prime Mineral Exports Private Limited.