The Indian Hotels (IHCL) board has approved the rights issue of equity shares to existing shareholders of the company for an amount not exceeding | 1500 crore. The same is expected to be used to partly repay debt, fund expansion of Sea Rock Hotel (as per media sources) and other capex requirements. Since the company has not specified the share of funds to be utilised towards debt repayment and capex, we assume the same at 50:50 ratio for debt repayment and capex. Accordingly, we expect EPS dilution of 10.0% and 6.3% for FY18E and FY19E,...