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Chalet Hotels Limited plans to raise INR 1640 crore through IPO for paring debts and developing projects

Saturday, January 26, 2019, 20:06 Hrs  [IST]
Asmita Mukherjee |Mumbai

Chalet Hotels Limited, promoted by K. Raheja Corp., announced their maiden public issue to raise a total of INR 1,640 crore from the market. The issue is priced at INR 275-280 and will open on January 29 through January 31, 2019. The plan is to raise about INR 950 cr by issuing fresh shares and raise another 690 cr through offloading 2,46,85,000 shares through Public issue. 

Chalet Hotels is engaged in the development and key asset management of several high-end hotels across key metro cities in India, such as Mumbai, Hyderabad, and Bengaluru.  

Announcing the IPO schedule and plans, Sanjay Sethi, Managing Director and CEO of Chalet Hotels informed that the funds raised through the process will be used to pare company’s existing debts to the tune of INR 2653 cr  and also for the development of greenfield and brownfield projects. 

Commenting on the overall industry trend, Sethi mentioned that a spurt in growth rate has been witnessed in the Indian hotel industry over the past few years, due to increasing occupancy rates. Utilising the growing trend, Chalet plans to add 580 keys across 3 new hotels within the next two years, in addition to the currently existing 2,328 rooms. 

Chalet is already in the process of building a 260-key hotel at Airoli in Navi Mumbai, and also has plans for a 178-key hotel at Mindspace, Hi-Tech City, Hyderabad. Sethi shared that, Chalet is going to introduce the first W Hotel, at Powai in Mumbai consisting of 150 rooms.  

Although the company’s primary focus will be on hotel development, Sethi added that they are also planning to add commercial projects at Whitefield in Bengaluru, and at Powai in Mumbai.

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