Park Hotels received approvals from SEBI for its IPO:
Apeejay Surrendra Park Hotels received approvals from the market regulator SEBI. The company wants to enter into the public through its IPO. It also received approvals for Rs 1,000 cr worth of IPO.
Moreover, the issue contains a fresh issue of up to Rs 400 cr and remaining Rs 600 cr of stake offered for sale. According to the SEBI report, the company got final observation report on 9th March from the market regulator.
As per the draft papers, the company wants to raise Rs 125.4 cr in the offer for sale from its promoter shareholders. In that, Rs 354.9 cr from Apeeja Pvt Ltd, Rs 84.7 cr from Apeejay House Pvt Ltd and Rs 34.9 cr by investor selling shareholders.
The company plans to utilize the raised amount to repaying the borrowings and general corporate purposes. The ICICI Securities, Axis Capital, and JM Financial act as promoters or lead managers for this IPO.
Furthermore, the company shares will list both the Bombay Stock Exchange and National Stock Exchange. The company expanded its business to nearly 13 cities in our country like Kolkata, Visakhapatnam, Chennai, Hyderabad, Mumbai, Delhi-NCR, etc.
In India, the luxury boutique hotel concept is proposed by a hospitality company i.e, ‘THE PARK’ brand. It was apart of the Apeejay Surendra group.
Moreover, it is one of the conglomerate company in India. These combined companies expanded their business like hospitality, shipping, tea, real estate, and also in retail brands like Oxford bookstores and education.