Brookfield-backed The Leela Palaces, Hotels & Resorts (Schloss Bangalore Limited, the “Company”) raises ₹1,575 crores from -47 anchor investors at the upper end of the price band at ₹435 per equity share
Brookfield-backed The Leela Palaces, Hotels & Resorts (Schloss Bangalore Limited), has allotted 36,206,896 equity shares to 47 anchor investors, comprising marquee domestic and global anchor and raised ₹1,575 crores ahead of the Company’s proposed IPO at the upper end of the price band at ₹435 per equity share with face value of ₹10 per equity share. Out of the total allocation of 36,206,896 equity shares to the anchor investors, 14,252,970 equity shares were allocated to 9 domestic mutual funds through a total of 20 schemes.
The anchor book has received widespread participation from domestic institutional investors including leading mutual funds such as HDFC MF, ICICI Prudential MF, Nippon India MF, Mirae MF and Invesco MF and insurance companies such as Max Life and Birla Life. Global interest was equally notable with very strong demand from sovereign and long-only FIIs such as Think Invest, Fidelity, Norges Bank, Whiteoak, Lunate, UC Regents, TT International and Ward Ferry among others.
The offer comprises a Fresh Issue of equity shares aggregating up to ₹2,500 crores and an Offer for Sale of equity shares aggregating up to ₹1,000 crores by Brookfield-owned Project Ballet Bangalore Holdings (DIFC) Pvt. Ltd. The Company proposes to utilize the net proceeds of the Fresh Issue towards (i) Repayment/ prepayment/ redemption, in full or in part, of certain outstanding borrowings, interest accrued and prepayment penalties, as applicable, availed by the Company and certain of its wholly owned subsidiaries and step-down subsidiaries; and (ii) General corporate purposes.
JM Financial Limited, Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, BofA Securities India Limited, J.P. Morgan India Private Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited), ICICI Securities Limited, Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited are the Book Running Lead Managers to the Offer.