logo
Brigade Hotel Ventures sets IPO price band at Rs 85-90/share

Brigade Hotel Ventures sets IPO price band at Rs 85-90/share

Time of India5 days ago
Brigade Hotel Ventures Ltd
owner and developer of hotels in South India on Monday fixed a price band of Rs 85-90 per share for its Rs 749.6-crore upcoming Initial Public Offering (IPO).
At the upper end of the price band, the company is valued at over Rs 3,400 crore.
Explore courses from Top Institutes in
Select a Course Category
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Bargain Prices on Unsold Container Houses in National Capital Region - Check Them Out!
Shipping Container Homes | Search Ads
Search Now
Undo
The IPO is scheduled to open on July 24 and close on July 28. The one-day bidding for the anchor investor will open on July 23, the company announced.
Brigade Hotel Ventures' IPO is entirely a fresh issue of equity shares with no Offer For Sale (OFS) component.
Proceeds from the issue to the tune of Rs 468.14 crore will be used for payment of debt; Rs 107.52 crore be utilised for purchase of an undivided share of land from the promoter, BEL; and the remaining funds will support acquisitions, other strategic initiatives, and general corporate purposes.
Live Events
Earlier this month, Brigade Hotel Ventures raised Rs 126 crore by selling equity shares to 360 ONE Alternates Asset Management.
Brigade Hotel Ventures Ltd is a subsidiary of Bengaluru-based real estate company
Brigade Enterprises
Ltd (BEL).
BEL entered into the hospitality business in 2004 with the development of its first hotel Grand Mercure Bangalore, which commenced operations in 2009.
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.
The hotels are operated by global marquee hospitality companies such as Marriott, Accor and InterContinental Hotels Group.
The company announced that 75 per cent of the offer size has been set aside for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.
JM Financial
and ICICI Securities are the book-running lead managers to the issue. Shares of the company are expected to list on the bourses on July 31.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Timely, productive visit helped review & build India-Maldives cooperation: FS Misri on PM Modi's Malé visit
Timely, productive visit helped review & build India-Maldives cooperation: FS Misri on PM Modi's Malé visit

Time of India

time13 minutes ago

  • Time of India

Timely, productive visit helped review & build India-Maldives cooperation: FS Misri on PM Modi's Malé visit

Prime Minister Modi's state visit to the Maldives strengthened bilateral ties through key agreements and discussions. A major highlight was the extension of a Rs 4,850 crore line of credit and restructuring of existing debt, significantly reducing the Maldives' repayment obligations. The visit also included MOUs across various sectors and the launch of joint initiatives. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Prime Minister Narendra Modi's ongoing state visit to the Maldives saw high-level engagements and significant bilateral agreements, reaffirming India-Maldives ties and outlining a roadmap for future a special press briefing on Friday, Foreign Secretary Vikram Misri highlighted the importance of the visit, describing it as productive and timely. Accompanied by High Commissioner to Maldives G. Balasubramanian and Additional Secretary Puneet Agrawal, Misri provided a detailed account of the day's developments."As you would be aware, the Prime Minister is on a two-day state visit to the Maldives. You are all familiar with the fact that this is his third visit to the Maldives. He also happens to be the first head of government to be visiting the Maldives during the administration of President Muizzu," he saidReflecting the ceremonial importance of the occasion, Misri detailed that on arrival at the airport, the Prime Minister was warmly received by President Muizzu and members of his cabinet. "This was a very special gesture by the President. The Prime Minister was also corded a Ceremonial Guard of Honour and welcomed with a special cultural performance."This ceremonial welcome set the stage for substantive discussions and on Friday afteroon the Prime Minister and President Muizzu held restricted and delegation-level talks. "This gave both leaders the opportunity to review the entire gamut of issues in the bilateral relationship. They renewed various aspects of India-Maldives relations and in particular reflected on the progress made since October 2024, when President Muizzu had visited India on a state visit and when both countries had adopted the Joint Vision for India-Maldives Comprehensive Economic and Maritime Security Partnership," he talks were followed by the signing of key agreements. "You would already be familiar with; you would have seen the ceremony for exchange of memoranda of understanding and agreements between the two sides. Let me just review the key agreements and MOUs that have been signed. We have signed an MOU related to the extension of a fresh line of credit of Rs 4,850 crore to the Maldives. This is the first LOC extended to the Maldives that is denominated in Indian rupees. The LOC represents a continuation of the tradition of assistance to the development needs of the Maldives and we expect that several infrastructure projects will be carried out as a result of this LOC agreement benefiting the lives of citizens here in the Maldives."He elaborated on financial restructuring aimed at easing the Maldives' economic burden. "Together with this, the two sides also signed an amendatory agreement that amended the existing dollar line of credit between India and the Maldives. I would like to in particular point to the fact that with the signature of this amendatory agreement, the annual debt repayment obligations of the Maldives will reduce by a sharp 40% from nearly US$51 million annually to about US$29 million."Misri further outlined the range of MOUs signed, covering diverse sectors. "The other understandings signed today include an MOU on cooperation in the field of fisheries and aquaculture, an MOU between the Indian Institute of Tropical Meteorology of the Ministry of Earth Sciences and the Maldives Meteorological Services in the Ministry of Tourism and Environment; an MOU on cooperation in the field of sharing successful digital solutions that have been implemented at population scale for digital transformation between the Ministry of Electronics and IT of India and the Ministry of Homeland Security and Technology of the Maldives."He added, "There was also an MOU on the recognition of Indian pharmacopoeia in the Maldives, which will reinforce the availability and sourcing of high-quality medicines in the Maldives; and a network-to-network agreement between India's NPCI, the National Payments Corporation of India International Limited, and the Maldives Monetary Authority. This is intended to take forward the work on implementing the Unified Payments Interface that will greatly benefit tourism between the two countries."Marking key milestones, Misri spoke about symbolic and development-oriented initiatives. "In addition to that, there were a number of announcements and events that took place during the course of the day. The two countries have agreed to launch negotiations on an India-Maldives Free Trade Agreement. On the occasion of the 60th anniversary of the establishment of diplomatic relations, the two sides issued commemorative stamps."The Foreign Secretary continued, "The Prime Minister also handed over 3,300 social housing units in Hulhumale that were built under the Indian Buyer's Credit Scheme. The two leaders also together inaugurated the Roads and Drainage System Project in Addu City, six high-impact community development projects. And just now, a short while ago, the Ministry of Defence building in Male. The Prime Minister also handed over 72 vehicles and other equipment that will be used by the MNDF for various purposes."Environmental and health initiatives also featured in the day's agenda. "The two leaders were together for a tree plantation event, which is being carried out under the initiative taken by Prime Minister Modi in India, Ek Ped Maa Ke Naam, Plant for Mother. In the same place, the Prime Minister also handed over two BHISHM Health Cubes that will be of great relevance in medical emergencies, especially in remote parts of the country."Modi's visit will continue with important engagements on Satruday where the Prime Minister will be the Guest of Honour at the Independence Day celebrations at Republic Square."He will also be meeting with a few political leaders of the country, interact with the Indian diaspora residing in the Maldives, including also ITEC alumni from the Maldives," Misri up the significance of the visit, Misri emphasized its strategic outcomes. "This very, very timely and productive visit has provided an opportunity to both countries and both leaders to review our very close cooperation and to continue to build further on it. The two sides, as I said in the beginning, reviewed the joint vision for the India-Maldives Comprehensive Economic and Maritime Security Partnership, and as a result of the discussions today, arrived at the conclusion that we should continue to implement various elements of this vision, and explore newer avenues to collaborate further between the two sides."

Chandigarh MC buildings set to get rooftop solar panels under rent-a-roof model
Chandigarh MC buildings set to get rooftop solar panels under rent-a-roof model

Time of India

time13 minutes ago

  • Time of India

Chandigarh MC buildings set to get rooftop solar panels under rent-a-roof model

Chandigarh: In a significant move, approximately 100 buildings of the municipal corporation (MC) are all set to have solar energy on their rooftops, as the Chandigarh Renewable Energy and Science and Technology (CREST) has sent a detailed MoU to be signed with the corporation for this project. As per the proposal, the MC will not have to spend even a single penny on this project, and they will earn around Rs 40 lakh annually as rent from the private company. Now, this detailed MoU is coming in the monthly general house meeting of the MC, scheduled for Tuesday, for deliberation and subsequent approval of the members. As per the proposal, the solar panels will be installed under a 'Rent-a-Roof', Resco Model (Renewable Energy Service Company) framework, where the selected company through bids will install the solar on all the selected buildings' rooftops, maintain them, and pay rent to the MC. The move came following a high-level meeting under the chairmanship of chief secretary Rajiv Verma, recently. The proposal of the CREST, a copy of which is with TOI, reads, "Chandigarh administration has been consistently working towards the saturation of rooftop solar installations across all govt and private buildings in the city. To utilise this potential effectively, CREST proposes the implementation of grid-connected rooftop solar plants on MC buildings through the 'rent-a-roof' framework. Under this model, the developer offering the highest rooftop rent per unit of energy generated shall be selected through competitive bidding. This will ensure regular revenue for MC, with zero capital expenditure or maintenance responsibility." The letter further reads, "The rent-a-roof approach allows MC to monetise its rooftop assets, receive guaranteed bi-monthly income, and avoid long-term tariff commitments. The total feasible rooftop solar capacity assessed on MC buildings is approximately 3MW. Based on generation potential and other parameters, MC stands to earn an estimated Rs 39-40 lakh per year, depending on the rent rate received through bidding." Following this, CREST has requested approval of the proposed model and MoU and timely consent to initiate the process. Once approved by the MC's general house, the CREST shall thereafter proceed with the tendering and execution of the project in coordination with the MC. Key Terms of MoU Rooftop rent to be paid by the Resco developer bi-monthly based on the energy generation under the gross metering arrangement No damage to MC roofs - any structural damage to be repaired by the Resco Water supply for periodic solar panel cleaning to be provided by MC Plant security to be provided by MC Insurance and operational responsibilities lie with Resco Escrow mechanism for transparent and timely rent transfers

India-New Zealand conclude 2nd round of FTA talks; achieve progress on trade, investment, economic cooperation
India-New Zealand conclude 2nd round of FTA talks; achieve progress on trade, investment, economic cooperation

Time of India

time22 minutes ago

  • Time of India

India-New Zealand conclude 2nd round of FTA talks; achieve progress on trade, investment, economic cooperation

The second round of India-New Zealand Free Trade Agreement Negotiations, which concluded in New Delhi, made significant advancements in multiple areas, including trade in goods and services, investment, rules of origin, customs procedures and trade facilitation, technical barriers to trade, sanitary and phytosanitary measures, and economic cooperation. According to a release by the Ministry of Commerce & Industry, discussions were marked by mutual interest in achieving early convergence on several texts. Both sides reaffirmed their commitment to concluding a balanced, comprehensive, and forward-looking agreement. Explore courses from Top Institutes in Please select course: Select a Course Category Data Analytics Management Project Management Digital Marketing Technology Healthcare Data Science Operations Management Degree Artificial Intelligence healthcare Public Policy MCA CXO MBA Product Management others Others Design Thinking Leadership Data Science Cybersecurity Finance Skills you'll gain: Data Analysis & Visualization Predictive Analytics & Machine Learning Business Intelligence & Data-Driven Decision Making Analytics Strategy & Implementation Duration: 12 Weeks Indian School of Business Applied Business Analytics Starts on Jun 13, 2024 Get Details The Second Round of negotiations for the India-New Zealand Free Trade Agreement (FTA) concluded successfully on July 25 in New Delhi, further advancing the shared objective of strengthening bilateral trade and economic partnerships. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like ACE Nest Yamuna Expressway – Affordable Luxury Awaits Ace Noida Book Now Undo The Ministry stated that this development catalyses the shared commitment to deepen economic ties, as guided by the Prime Minister of India, Narendra Modi, during the visit of Christopher Luxon , Prime Minister of New Zealand, in March 2025. The FTA was launched during the meeting between Union Minister of Commerce and Industry, Piyush Goyal and Todd McClay, Minister for Trade and Investment, Government of New Zealand, on March 16, 2025. Live Events The Third Round of negotiations is scheduled to be held in New Zealand in September 2025. The intersessional virtual meetings will maintain the forward trajectory set in the second round. According to government data, India's bilateral merchandise trade with New Zealand reached USD 1.3 billion in FY 2024-25, recording a 48.6 per cent growth over the previous financial year, signalling the growing potential of the economic partnership. The FTA is expected to enhance trade flows, support investment linkages, promote supply chain resilience, and establish a predictable and enabling environment for businesses in both countries. Free Trade Agreements (FTAs) are treaties between two or more countries to reduce or eliminate trade barriers such as tariffs, quotas, and import restrictions on goods and services. These agreements aim to promote economic integration, increase market access, and enhance cooperation between nations.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store