Fomento Resorts & Hotels Limited (BSE:503831) announced a private placement of preference shares on January 14, 2013. The shares will be issued to the promoters of the company. The transaction has been approved by the board of the company.

On January 25, 2013, the company announced that it will issue up to 6,000,000 9.5% redeemable, non convertible, cumulative preference shares. The shares will be issued to promoters on preferential basis. The company is seeking approval for the transaction through postal ballot.

On March 4, 2013, the company announced that it has received approval for the transaction through postal ballot.