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Indian Hotels Company launches QIP issue

The board of the hospitality company authorized opening the qualified institutional placement (QIP) issue of Rs 2000 crore on Tuesday, 22 March 2022.

March 23, 2022 9:45 IST | capital market
Floor price is set at Rs 203.48. The company may offer a discount of not more than 5% on the floor price so calculated for the issue. The board is scheduled to meet on 25 March 2022 to approve the issue price.

In October last year, the company had announced plans to raise upto Rs 2000 crore by way of a way of a rights issue and another Rs 2000 crore through QIP.

The net proceeds of the QIP issue are proposed to be deployed towards (a) repayment or prepayment of debt availed by the company and/ or its subsidiaries; (b) working capital requirements of the company and its subsidiaries, joint ventures and affiliates; (c) investment in subsidiaries, joint ventures, associates and affiliates; (d) financing of business opportunities (which may be either organic or inorganic); (e) capital expenditure, including towards development, refurbishment and renovation of our assets; (f) any cost incurred towards the objects of the company; (g) funding short term working capital requirements, meeting various expenditure of the company including contingencies; (h) strategic initiatives; or (i) general corporate purposes.

Indian Hotels Company is one of the leading hospitality chains in India by number of hotels focused on being a dynamic hospitality ecosystem. It is primarily engaged in the business of owning, operating and managing hotels and resorts primarily under various brands including, our flagship brand ?Taj?. The company is promoted by Tata Sons, which held 38.42% of the companys shareholding as of 31 December 2021.

On a consolidated basis, Indian Hotels Company reported net profit of Rs 76.01 crore in Q3 December 2021 as against net loss of Rs 118.88 crore in Q3 December 2020. Net sales surged 98.48% to Rs 1111.22 crore in Q3 December 2021 over Q3 December 2020.

Shares of Indian Hotels Company were up 1.41% at Rs 211.70 on the BSE.

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