Brigade Hotel Ventures has raised Rs 126 crore by selling equity shares to 360 ONE Alternates Asset Management, ahead of its maiden public issue.
Brigade Hotel Ventures is a subsidiary of Bengaluru-based real estate company Brigade Enterprises.
In a statement on Friday, Brigade Hotel Ventures said it has "raised Rs 126 crore in a pre-IPO placement round." The company issued 1.4 crore equity shares to 360 ONE Alternates Asset Management Ltd (360 ONE) at Rs 90 per share.
This transaction represents 4.74 percent of the company's pre-offer share capital.
According to the DRHP, the company's initial public offering (IPO) consisted of a fresh issue of shares aggregating up to Rs 900 crore.
The company will use around Rs 480 crore to cut debt and Rs 107 crore to purchase land.
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The remaining proceeds will be to pursue inorganic growth.
Brigade Hotel Ventures is one of the leading hospitality firms in South India. It entered into the hospitality business in 2004.
The company has a portfolio of nine operating hotels across Bengaluru (Karnataka), Chennai (Tamil Nadu), Kochi (Kerala), Mysuru (Karnataka) and the GIFT City (Gujarat) with 1,604 keys.
These properties are managed by global hospitality brands such as Marriott, AAPC India Hotel Management, and InterContinental Hotels Group (India).
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