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India's Samhi Hotels files for IPO

Indian hospitality company Samhi Hotels Ltd. filed for an IPO to raise up to 11 billion rupees via an issuance of new shares.

In addition, the company's existing shareholders, Blue Chandra Pte Ltd., Goldman Sachs Investments Holdings (Asia) Ltd. and GTI Capital Alpha Pvt. Ltd., among others, plan to sell a total of 19,145,624 equity shares in the offering, according to a prospectus.

Samhi Hotels is also considering raising up to 4 billion rupees via a rights issue to existing shareholders and/or a private placement.

The company, which owns Marriott International Inc.-, Hyatt Hotels Corp.- and InterContinental Hotels Group PLC-operated hotels in India, plans to use the proceeds from the IPO to trim its debt, according to the filing.

Kotak Mahindra Capital Co. Ltd., CLSA India Pvt. Ltd., DSP Merrill Lynch Ltd. and Goldman Sachs (India) Securities Pvt. Ltd. are bookrunning lead managers for the IPO.

As of Sept. 25, US$1 was equivalent to 71.05 Indian rupees.