Leela Hotels Operator Schloss Bangalore Files For Rs 5,000-Crore IPO
The company will use Rs 2,700 crore from the initial public offering to repay or prepay in part or full of borrowing availed by the company and its subsidiaries.
(The Leela Palace Bengaluru. Source: Official Website of The Leela)
Schloss Bangalore, owner and operator of the Leela brand of luxury hotels, filed its preliminary papers with capital markets regulator SEBI on Friday to raise up to Rs 5,000 crore via an initial public offering.
The public offer will only include a fresh issue of shares worth Rs 3,000 crore and an offer for sale of Rs 2,000 crore, according to the draft red herring prospectus. The equity shares of the company are proposed to be listed on the BSE and NSE.
Project Ballet Bangalore Holdings Pvt. is the promoter of the company offloading its shares in the OFS. BSREP III Joy (Two) Holdings Ltd., BSREP III Tadoba Holdings Pvt., Project Ballet Chennai Holdings Pvt., Project Ballet Gandhinagar Holdings Pvt., Project Ballet HMA Holdings Pvt. and Project Ballet Udaipur Holdings Pvt. are the other promoters of the company.
JM Financial Ltd., Axis Capital Ltd., ICICI Securities Ltd., IIFL Securities Ltd., Kotak Mahindra Capital Co., SBI Capital Markets Ltd. BofA Securities India Ltd., Morgan Stanley India Co., JP Morgan India Pvt., Citigroup Global Markets India Pvt. and Motilal Oswal Investment Advisors are the book-running lead managers for the issue. KFin Technologies will be the registrar of the issue.
The company will use Rs 2,700 crore from the issue to repay or prepay in part or full of borrowing availed by the company and its subsidiaries. The remaining funds will be used for general corporate purposes.
Schloss Bangalore's portfolio comprises 3,382 keys across 12 operational hotels. It owns five owned hotels, six hotels that are managed by them pursuant to hotel management agreements and one hotel that is owned and operated by a third-party owner under a franchise arrangement with the company.
