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SEBI Approves SAMHI Hotels IPO

By Staff
|

SAMHI Hotels has received approval from the Securities and Exchange Board of India (SEBI) to raise an estimated Rs 1,800-2,000 crore through its initial public offering (IPO).

SAMHI Hotels is in the business of hotel ownership and asset management with an institutional ownership model. It has a portfolio of 27 operating hotels in 12 cities including those from leading brands of Marriott, IHG and Hyatt.

The company had filed for the IPO in September.

SEBI Approves SAMHI Hotels IPO

 

As per information available with SEBI, the company obtained "observations" from the markets regulator on 29 November.

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

The draft papers say that the 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 PTI citing market sources, the total issue size will be between Rs 1,800 and 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.

Read more about: sebi ipo
Story first published: Wednesday, December 4, 2019, 16:26 [IST]
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