Home Economic Times IHCL to launch QIP value Rs 2,000 crore

IHCL to launch QIP value Rs 2,000 crore

IHCL to launch QIP value Rs 2,000 crore

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New Delhi/Mumbai: Tata Group backed Indian Hotels Company (IHCL) is about to launch a certified institutional placement of Rs 2000 crore because the lodge chain braces for enterprise growth shrugging off the results of the Covid-19 pandemic. Credit Suisse and ICICI Securities are serving to the corporate increase cash, stated individuals accustomed to the matter.

IHCL didn’t instantly reply to a request for feedback. The corporate will increase funds from a gaggle of native and world institutional traders, who will personal shares of the corporate.

In October final 12 months, the corporate had introduced plans to lift upto Rs 2000 crore by the use of a approach of a rights problem and one other Rs 2000 crore by means of QIP topic to receipt of regulatory approvals. IHCL MD and CEO Puneet Chhatwal had stated the board approval of elevating fairness of Rs 4000 crore would allow the chain to be a zero debt firm sooner or later and can assist fund the corporate’s growth in addition to its capital expenditure plans.

As per an analyst presentation shared in a regulatory submitting by the corporate final month, IHCL plans to open a couple of lodge a month between January to December this 12 months. It has a footprint of over 210 inns in 97 locations in about 29 states and union territories.

The corporate signed 17 new inns between January to December final 12 months and has a pipeline of over 60 inns. The chain reported consolidated revenues of Rs 1134 crore in quarter three of monetary 12 months 2021-2022, up from Rs 615 crore in monetary 12 months 2020-2021. It reported a revenue after tax of Rs 76 crore in quarter three of monetary 12 months 2021-2022, in comparison with a lack of Rs 119 crore within the corresponding interval of the earlier fiscal.

Occupancy charges of its home leisure properties (excluding the Ginger model) have been round 66% in quarter three of 2021, up from 54% in quarter two of the monetary 12 months 2021. Non-leisure occupancies have been 67% in quarter three of 2021 up from 58% in quarter two. The corporate’s occupancies within the US improved from 41% in quarter two to 44% in quarter three of 2021 and from 41% in quarter two to 51% in quarter three of 2021 within the UK as per the analyst presentation.

The extremely transmissible third wave and ensuing curbs in India dampened sentiments for the hospitality sector in January and early February this 12 months however bookings appear to be coming again to inns following a decline in Covid-19 circumstances.

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