Chalet Hotels Plans Fundraising for Koramangala Project, Shares Surge

26 Jun 2023 , 02:48 PM

Shares of Chalet Hotels Ltd saw a nearly 3% increase in afternoon trading on June 26 following the company’s announcement of fundraising plans for the Koramangala project in Bengaluru. The company obtained real estate regulatory authority (RERA) approval for its residential project in Koramangala in March 2023.

In an exchange filing on June 23, Chalet Hotels revealed its intention to seek approval from shareholders for raising funds, primarily aimed at refinancing high-cost debt. On July 3, 2023, the company’s board of directors will convene a meeting to release revised financial results for the quarter and year ended March 31, 2023.

The revised results will encompass the scheme of arrangement involving the amalgamation of Belaire Hotels Private Limited and Seapearl Hotels Private Limited, both wholly owned subsidiaries, with Chalet Hotels.
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