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News on Medial
LuLu group puts 217-room Marriot on block for ₹400 crore
Livemint
·
1y ago
Medial
An under-construction 5-star hotel near Bengaluru airport is up for sale for an estimated ₹400 crore. The hotel, owned by Twenty Fourteen Hotels India Pvt. Ltd, is 75% complete and is expected to be finalized within two months. The property, which was supposed to be ready by 2019, faced delays due to the mounting debt of Twenty14 Holdings, the hospitality investment arm of LuLu Group International. The hotel will be operated by Marriott International. The buyer is willing to pay ₹350 crore for the property, but additional funds will be needed to complete the construction.
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Related News
Bengaluru sees ₹485 crore in hotel asset sales in a single day | Mint
Livemint
·
10m ago
Medial
- Samhi Hotels Ltd has acquired a 142-room, 4-star hotel in Bengaluru's Whitefield area for ₹205 crore. - Formerly managed by ITC under the Fortune brand, the property is now called Trinity Hotel and will become part of Samhi's portfolio. - Samhi plans to expand the property by adding 200-220 rooms in a separate building, rebranding it from upscale to upper-upscale. - Samhi's focus on Bengaluru aligns with its long-term growth strategy, given the city's strong demand growth driven by limited supply. - Juniper Hotels has secured a ₹280 crore deal to sell a 220-room, five-star hotel near Bengaluru airport to Lulu Group's Twenty Fourteen Hotels India Pvt. Ltd. - The Indian hospitality sector is witnessing a surge in transaction activity, with projected deal volumes expected to reach $413 million by year-end.
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Lulu Group expects to launch IPO in H1 2024, shares to be listed in Gulf - chairman
Reuters
·
1y ago
Medial
Lulu Group International, a hypermarket chain and mall operator, plans to launch its initial public offering (IPO) in the first half of 2024. The IPO will be listed in the Gulf region, although the specific stock exchange has not been decided yet. The company has appointed Moelis and Co as its advisor for the IPO. Lulu Group also aims to increase its investments in India from 200 billion Indian rupees ($2.41 billion) to 500 billion Indian rupees ($6.03 billion) by 2025.
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M&M block deal | Shares worth Rs 2,184 crore change hands; promoter likely seller
Money Control
·
1y ago
Medial
Shares of Mahindra and Mahindra (M&M) declined over 4% after a block deal involving 1.1 crore shares, or a 0.9% stake in the company, was completed on March 7. The stake sale was done at a floor price of INR 1,924 per share, totaling a transaction value of INR 2,184 crore. M&M's promoter group, PMSP Ltd, owns 11.64% of the company and was reportedly looking to sell around 0.75% stake for around $215 million via a block deal.
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Antfin Singapore to sell Zomato shares worth ₹3,420 cr: Report
Inshorts
·
11m ago
Medial
Antfin Singapore Holding, an arm of Alibaba Group, is planning to sell 1.54% stake in Zomato worth ₹3,420 crore, through block deals, reported CNBC-TV18. Antfin had 4.3% stake in Zomato as of June 30, 2024, the National Stock Exchange data showed. The floor price for the block deals has been fixed at ₹251.68 per share, the report added.
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Peak XV, ChrysCapital sell shares worth Rs 470 cr in Awfis IPO | The Arc
The Arc Web
·
1y ago
Medial
Co-working space provider Awfis witnessed a 10% increase in its shares on the National Stock Exchange on May 30, with a market capitalization of Rs 2,900 crore. Peak XV Partners, formerly known as Sequoia India, sold shares worth Rs 253 crore in the IPO, earning returns of almost 3X on their investment. ChrysCapital, which entered Awfis' cap-table in 2019, invested Rs 250 crore and sold shares worth Rs 217 crore in the IPO. Awfis reported operating revenues of Rs 616 crore and losses of Rs 19 crore for the nine-month period ending December 31, 2023.
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Chalet Hotels acquires Marriott property Courtyard for ₹315 crore
Livemint
·
1y ago
Medial
Chalet Hotels, part of K Raheja Corp group, has acquired Courtyard by Marriott Aravali Resort for ₹315 crore. The 158-room property was on the market for about a year. This acquisition aligns with Chalet Hotels' plans to add around 800 rooms to its portfolio. The company reported a net profit of ₹195 crore for the first nine months of the current fiscal year. Chalet Hotels collaborates with operators such as Accor, Marriott, Hyatt, and Taj, managing various properties across India.
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Middle Eastern retail chain Lulu kickstarts IPO process
VCCircle
·
9m ago
Medial
Middle Eastern retail chain Lulu has launched an initial public offering (IPO), which could be the largest in the UAE this year. Lulu Retail Holdings, which operates over 240 stores across the Gulf Cooperation Council, aims to raise between $1.7bn and $1.8bn for a 25% stake. The IPO will offer 2.582 billion shares, with trading expected to begin on the Abu Dhabi Securities Exchange on 14 November. Lulu's listing comes amid a retail boom in the region that has prompted other grocery firms to go public. The company plans to maintain a dividend payout ratio of 75% of annual distributable profits.
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US investor GQG Partners buys stake for Rs 1,527 crore in IDFC First Bank
IndianStartupNews
·
1y ago
Medial
US investor GQG Partners has acquired a 2.58% stake in IDFC First Bank, an Indian private sector bank, for INR 1,527 crore through a block deal. The purchase involved 17.16 crore shares at an average price of INR 89 per share. Concurrently, Cloverdell Investment Ltd sold a 4.2% stake worth INR 2,480 crore. GQG Partners has been actively investing in Adani Group companies in recent months.
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‘Will deploy ₹800 crore to acquire new hotels by FY27’
Livemint
·
8m ago
Medial
Hospitality arm of Dharampal Satyapal Group (DS Group) is planning to expand its hotel portfolio from six hotels to 10-12 by 2027. The company is targeting both city and resort properties in high-growth regions across India, including tier I and tier II cities. DS Group aims to add 300 rooms by 2025 and another 500 by 2026, doubling its total room inventory to 2,000 by 2027. The company has invested INR 200 crore in expanding its existing assets and is focused on high-demand markets. DS Group is also leveraging its food and beverage businesses to enhance guest experiences.
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Adani Group gets ready to raise up to ₹40,000 crore from retail investors, aims to hedge risks: Report | Mint
Livemint
·
11m ago
Medial
Adani Group is planning to raise up to ₹40,000 crore from retail investors over the next few years to diversify funding sources and reduce risk. The group's arm, Adani Enterprises, has already launched its public issue of secured non-convertible debentures worth ₹400 crore, which received full subscription on the first day. The company aims to launch similar public issues for other group entities to decrease its reliance on a limited set of lenders. Adani Enterprises has witnessed a rise in debt, with long-term borrowings increasing by 34.14% year-on-year. However, the company's liquidity position remains strong, with cash reserves covering over 30 months of debt payments.
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