Indian hotels close to a record before QIP أسعار price range is set

Shares of the Indian Hotel Company rose 3.3 percent to Rs 226.45 on the Bahrain Stock Exchange in trading during Friday. The increase comes ahead of the company’s board of directors meeting to set the price for a Qualified Institutional Placement Issue (QIP), scheduled for later today. The stock traded near its record high of Rs 230.14 touched on October 14, 2021.

Tata Group shares rose for the fourth consecutive day. Earlier, the stock rose by 10 per cent after its QIP committee approved the issue on March 22, 2022 and proposed to mobilize around Rs 2,000 crore through QIP and have a fixed minimum price of Rs 203.48 per share.



“The QIP Committee of the Indian Hotels Board of Directors is scheduled to meet on March 25, 2022 to consider and approve the issue price, including a discount, if any, for QIP,” Indian Hotels said in a statement. March 22, 2022.

Indian hotels intend to use the net proceeds to finance repayment (in whole or in part) or debt repayment; Working capital requirements and investment in subsidiaries, joint ventures, associates and subsidiaries; Financing business opportunities (which may be organic or inorganic) and capital expenditures to develop, renew and renew the company’s assets.

In November 2021, Indian Hotels raised Rs 1,982 crore through rights issue by issuing 132 million shares at Rs 150 per share. “The company has publicized the equity recently raised through the rights issue to draw down debt in accordance with the objectives of the issue, thereby furthering the Indian Hotel’s goal of being a debt-free company in the long term,” the management said.

In the past three months, the stock has outperformed the market by about 30 percent, compared to 0.61 percent in the S&P C Sensex. “With its dominance in the Indian hotel sector, superior brand equity and a well-diversified portfolio across business segments and price points, the company is well positioned to benefit from the economic recovery,” said analysts at Anand Rathi Share and Stock Brokers. .

“As in FY22, we expect a strong recovery in FY2323/FY24E as well as an improvement in ARR (average room rate), once economic activities return to normal, improved occupancy driven by business travel as well as the leisure sector, and efforts Cost rationalization, increase in food and beverage (F&B) income as parties/conferences resume, and income from management contracts increase, Motilal Oswal Financial Services said in a report in January. It is 258 rupees per share.

Dear Reader,

Business Standard has always strived to provide the latest information and commentary on developments that matter to you and that have broader political and economic implications for the country and the world. Your continued encouragement and feedback on how we can improve our offerings has made our resolve and commitment to these ideals even stronger. Even during these challenging times brought about by Covid-19, we continue our commitment to keeping you updated with trusted news, authoritative opinions and insightful commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more, so we can continue to bring you more quality content. Our subscription form has seen an encouraging response from many of you, who have subscribed to our content online. Further subscribing to our online content can only help us achieve our goals of providing better and more relevant content. We believe in free, fair and credible journalism. Your support with more subscriptions can help us practice the journalism we are committed to.

Support quality press and Subscribe to Business Standard.

digital publisher

Leave a Reply

Your email address will not be published. Required fields are marked *