The IPO comprises a fresh issue of shares worth Rs 275 crore and an offer-for-sale of up to 98,22,947 equity shares, according to the draft papers filed with the Securities and Exchange Board of India (Sebi).
The company may consider a pre-IPO placement to the tune of Rs 150 crore.
Proceeds of the issue will be utilised to repay an outstanding borrowing of Rs 205 crore in part or full and for general corporate purposes.
The company is promoted by Sayaji Hotels, Sayaji Housekeeping Services,
The promoters hold 60.24 per cent, CX Partners owns 33.79 per cent and renowned stock market investor
According to market sources, the IPO size will approximately be between Rs 1,000-1,200 crore.
The issue is being managed by IIFL Securities, Axis Capital, Ambit Capital and SBI Capital Markets.
In 2017, the company had filed IPO papers with Sebi seeking to raise Rs 700 crore. However, the regulator kept the processing of the company's proposed IPO in abeyance "pending regulatory action for past violations" and finally approved the IPO plan in January 2018.
Although, the company could not launch the initial share-sale due to averse market conditions.
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