The Economic Times daily newspaper is available online now.

    SAMHI Hotels gets Sebi nod for Rs 1,800-2,000 crore IPO

    Synopsis

    SAMHI Hotels' IPO comprises a fresh issue of Rs 1,100 crore and an OFS of 1,91,45,624 equity shares.

    Hotel-Getty-1200Getty Images
    Kotak Mahindra Capital Company, CLSA India, DSP Merrill Lynch and Goldman Sachs will manage the offer.
    New Delhi: SAMHI Hotels has received markets regulator Sebi's go ahead to raise an estimated Rs 1,800-2,000 crore through its initial public offering.

    The company, which had filed IPO papers with the regulator in September, obtained "observations" from the markets watchdog on November 29, according to information available with the Securities and Exchange Board of India (Sebi).

    The regulator's observations are necessary for any company to launch public issue like initial public offer, follow-on public offer and rights issue.

    Going by the draft papers, SAMHI Hotels' IPO comprises a fresh issue of Rs 1,100 crore and an offer for sale (OFS) of 1,91,45,624 equity shares.

    According to market sources, the total issue size will be between Rs 1,800 -2,000 crore.

    Net proceeds of the fresh issue will be utilised towards repayment or prepayment of certain indebtedness by the company and its subsidiaries. Besides, the money will be utilised for general corporate purposes.

    Kotak Mahindra Capital Company, CLSA India, DSP Merrill Lynch and Goldman Sachs will manage the offer.

    As on June 30, 2019, the current portfolio of SAMHI consists of 27 operating hotels across 12 cities.

    For operating its hotels, the company has a long-standing relationship with three leading hotel operators --Marriott, IHG and Hyatt, as per the company overview in draft papers.



    (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more


    (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

    Stories you might be interested in