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Chalet Hotels, Bharat Hotels file for separate IPOs in India

Chalet Hotels Ltd. and Bharat Hotels Ltd. separately filed draft prospectuses with the Securities and Exchange Board of India for their respectively planned IPOs, VCCircle reported.

People familiar with the matter told the Indian business news website that Chalet Hotels is aiming to raise between 18.00 billion rupees and 20.00 billion rupees from its offering of 9.50 billion rupees of new shares. Also factored in the estimated proceeds is income from the sale of 24.68 million shares by the IPO-hopeful's promoter, K Raheja Corp. Pvt. Ltd., and its entities.

A portion of the funds sourced from the offering will reportedly be used for debt repayment and general corporate expenditures of Chalet Hotels, which owns a portfolio of five hotels that features 2,328 rooms, as of March 31, across the Mumbai Metropolitan Region, Hyderabad and Bengaluru. Among its assets are the Lakeside Chalet Marriott Executive Service Apartments and the Renaissance Mumbai Hotel and Convention Centre.

JM Financial, Axis Capital and Morgan Stanley are the merchant bankers for Chalet Hotels' IPO, the report noted.

Bharat Hotels, on the other hand, is seeking 9.00 billion rupees from its proposed issuance of 12.00 billion rupees in new shares. According to the July 2 report, the Delhi-based hotelier will use the anticipated net proceeds to also repay its debt and fund general corporate expenses.

Incorporated in January 1981, Bharat Hotels own a portfolio of 12 luxury hotels, palaces and resorts that provide 2,261 rooms as at March-end.

For its IPO, the hotel company tapped HDFC Bank, Edelweiss Financial Services and YES Securities to serve as merchant bankers, the report added.

As of July 2, US$1 was equivalent to 68.72 rupees.