Chalet Hotels to raise Rs. 2,000 crore from IPO
Mumbai: Chalet Hotels – hospitality arm of K Raheja Corp’s is likely to enter the primary market to raise about Rs. 2,000 crore. Chalet Hotels own several hotel properties including Marriott and Renaissance. The sources informed that the offer document of Chalet Hotels is expected to be filed this month and the company is proposing to open the public issue in October. As per the available information, the company intends to invest Rs 3,000 crore over the next 4-5 years to expand rooms in existing hotels and spread to new geographies. The IPO is one of the ways to finance the expansion plans and reduce debt which was Rs 2,500 crore as on March 31, 2017. Shoppers Stop, a listed retail chain, is also owned by Chandru Raheja, promoter of K. Raheja Corp. In April, Lemon Tree Hotels, which operates in the mid-priced hotel segment, made a strong debut on the exchanges with a premium of 10 per cent over the offer price after raising about Rs 1,040 crore. The issue was subscribed...