Fomento Resorts & Hotels Limited announced that it has received INR 700 million in funding from Prime Mineral Exports Private Limited.
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.