Chalet Hotels L announces launch of initial public offering
25/01/2019 15:50
Chalet Hotels Ltd. has announced public offering of 58613571 shares at a price of Rs 10.00 each for Cash at a Premium of Rs 270.00 per share. The gross proceeds of the issue are expected to be Rs 1,64,118.00 lakhs.

The company's initial public offer (IPO) will open on 29 January 2019 and is expected to close on 31 January 2019, subject to customary closing conditions. The price band of the issue has been fixed at Rs 275.00-280.00 per share.

The IPO includes a fresh Issue of 58613571 Equity Shares of the Company at an price of Rs 280.00 per Equity Share. The company has fixed the minimum bid lot for the issue at 53 shares with bids in multiples of 53.

Chalet Hotels Ltd. anticipates using the proceeds of the issue for repayment/prepayment of certain indebtedness; and, general corporate purposes.

Axis Capital Ltd.,Morgan Stanley India Company Private Limited,JM Financial Ltd. as lead manager(s) & Karvy Fintech Pvt. Ltd. is the registrar, to the issue.