Our Company was incorporated as Kenwood Hotels
Private Limited" on January 6, 1986, as a private tinned company under the Companies
Act, 1956, pursuant to a certificate of incorporation granted by the Registrar of
Companies, Maharashtra, at Mumbai ("RoC") On July 19, 1997, our
Company was converted into a public company under section 43A (1B) of the Companies Act
1956 and, consequently our name was changed to "Kenwood Hotels Limited" Pursuant
to a resolution of our shareholders dated March 2, 1998 and a fresh certificate of
incorporation issued by the RoC on April 6, 1998, the name of our Company was changed to
"K Raheja Resorts & Hotels Limited" Further, pursuant to a resolution of our
shareholders dated April 24, 1999 and a fresh certificate of incorporation issued by the
RoC on May 4, 1999, the name of our Company was changed to "Chalet Hotels
Limited". On the conversion of our Company to a private limited company pursuant to a
resolution passed by our shareholders dated August 25, 2011 and a fresh certificate of
incorporation issued by the RoC on October 15, 2011, our name was changed to "Chalet
Hotels Private Limited" Subsequently. pursuant to a resolution passed by our
shareholders on June 4, 2018 and a fresh certificate of incorporation issued by the RoC on
June 6, 2016 our Company was converted to a public limited company and our name was
changed to "Chalet Hotels Limited". For details of changes in name and
registered office of our Company, see "History and Certain Corporate Matters" on
page 179 of the Prospectus dated February 2, 2019 ("Prospectus").
Corporate Identity
Number: U55101MH1986PLC038538 |
Registered and
Corporate Office: Raheja Tower, Plot No. C-30, Block 'G', Next to Bank of Baroda,
Bandra Kurla Complex, Bandra (East), Mumbai 400051; Tel: +91 22 -
26564000. |
Facsimile:
- 91 22 - 26565451 Contact Person: Christabelle Baptista, Company Secretary and Compliance Officer, Tel:
+91 22- 2656 5496, Facsimile: +91 22 - 26565451, E-mail:
investorreiatons@chalelhoteis.com Website:
www.chalethotels com |
OUR PROMOTERS: RAVI C. RAHEJA, NEEL C. RAHEJA,
K. RAHEJA CORP PRIVATE LIMITED, K. RAHEJA PRIVATE LIMITED, IVORY PROPERTIES AND HOTELS
PRIVATE LIMITED, GENEXT HARDWARE & PARKS PRIVATE LIMITED, TOUCHSTONE PROPERTIES &
HOTELS PRIVATE LIMITED, CAPE TRADING LLP, CAPSTAN TRADING LLP, CASA MARIA PROPERTIES LLP,
ANBEE CONSTRUCTIONS LLP, PALM SHELTER ESTATE DEVELOPMENT LLP, RAGHUKOOL ESTATE
DEVELOPEMENT LLP AND IVORY PROPERTY TRUST
Our Company has filed the Prospectus dated
February 02, 2019 with the Registrar of Companies, (the "Prospectus") and the
Equity Shares are proposed to be listed on the BSE Limited ("BSE") and the
National Stock Exchange of India Limited ("NSE") and the trading will commence
on or about February 07, 2019.
INITIAL PUBLIC OFFERING OF 58,613,571 EQUITY
SHARES OF FACE VALUE OF RS. 10 EACH (THE "EQUITY SHARES") OF CHALET HOTELS
LIMITED ("OUR COMPANY" OR "THE COMPANY'' OR "THE ISSUER") FOR
CASH AT A PRICE OF RS. 280 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS. 270 PER
EQUITY SHARE) (THE "OFFER PRICE") AGGREGATING TO RS. 16,411.80 MILLION (THE
"OFFER") COMPRISING A FRESH ISSUE OF 33,928,571 EQUITY SHARES AGGREGATING TO RS.
9,500 MILLION ("FRESH ISSUE") AND AN OFFER FOR SALE OF 24,685,000 EQUITY SHARES
(THE "OFFERED SHARES") AGGREGATING TO RS. 16,911.80 MILLION, COMPRISING AN OFFER
FOR SALE OF (i) 5,550,000 EQUITY SHARES AGGREGATING TO RS. 1,554.00 MILLION BY RAVI C.
RAHEJA; (ii) 5.550.000 EQUITY SHARES AGGREGATING TO RS. 1.554.00 MILLION BY NEEL C.
RAHEJA; (iii) 10,784,176 EQUITY SHARES AGGREGATING TO RS. 3,019.57 MILLION BY K. RAHEJA
CORP PRIVATE LIMITED: (iv) 800,000 EQUITY SHARES AGGREGATING TO RS. 224.00 MILLION BY PALM
SHELTER ESTATE DEVELOPMENT LLP; AND (v) 2,000,824 EQUITY SHARES AGGREGATING TO RS. 560.23
MILLION BY IVORY PROPERTIES AND HOTELS PRIVATE LIMITED (COLLECTIVELY THE "SELLING
SHAREHOLDERS", AND SUCH OFFER FOR SALE, THE "OFFER FOR SALE"). THE OFFER
CONSTITUTES 28.59 % OF THE POST-OFFER PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY.
OFFER PRICE: RS.
280 PER EQUITY SHARE OF FACE VALUE OF RS. 10 EACH |
ANCHOR
INVESTOR OFFER PRICE: RS. 280 PER EQUITY SHARE |
THE OFFER
PRICE IS 28.00 TIMES THE FACE VALUE |
Risks to
Investors: |
I. |
The 3 Book Running
Lead Managers associated with the Offer have handled 45 public issues in the past three
years out of which 12 public issues closed below the issue price on listing date. |
II. |
The average cost of
acquisition per Equity Share for the Selling Shareholders in the IPO ranges from Rs. 0.00
to Rs. 100.00. The Offer Price at the upper end of the price band is significantly high at
Rs. 280 per Equity Share. |
BID/ OFFER
PERIOD: OPENED ON: TUESDAY, JANUARY 29, 2019 |
CLOSED ON :
THURSDAY JANUARY 31, 2019 |
ANCHOR
INVESTOR BIDDING DATE WAS: MONDAY, JANUARY 28, 2019 |
In terms of Rule 19(2) (b) (iii) of the Securities
Contracts (Regulation) Rules, 1957, as amended (the "SCRR")
read with Regulation 41 of the Securities and Exchange Board of India (Issue of Capital
and Disclosure Requirements) Regulations, 2009, as amended ('SEBI ICDR Regulations'),
this is an Offer for at least 10% of the post-Offer paid-up Equity Share capital of our
Company The Offer has been made through the Book Building Process, in compliance with
Regulation 26(1) of the SEBI ICDR Regulations, wherein not more than 50% of the Offer was
available for allocation on a proportionate basis to Qualified Institutional Buyers (the
QIBs) (the QIB Category ), of which our Company and the Selling Shareholders m
consultation with the BRLMs, allocated 60% of the QIB Category to Anchor Investors, on a
discretionary basis (the "Anchor Investor Portion") One-third
of the Anchor Investor Portion was reserved for domestic Mutual Funds, subject to valid
Bids being received from domestic Mutual Funds at or above the price at which allocation
was made to Anchor Investors (the "Anchor Investor Allocation Price").
Post allocation to the Anchor Investors, the QIB Category was reduced by such number of
Equity Shares, 5% of the QIB Category (excluding the Anchor Investor Portion) was
available for allocation on a proportionate basis to Mutual Funds only, and the remainder
of the QIB Category was available for allocation on a proportionate basis to QIBs (other
than Anchor Investors), including Mutual Funds, subject to valid Bids being received from
them at or above the Offer Price. Further, not less than 15% of the Offer was available
for allocation on a proportionate basis to Non-lnstitutional Investors and not less than
35% of the Offer was available for allocation to Retail Individual Investors, m accordance
with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer
Price. All Bidders, other than the Anchor Investors were required to participate in this
Offer only through the Application Supported by Blocked Amount ('ASBA')
process, providing details of their respective bank accounts in which the Bid amount will
be blocked. The Anchor Investors were not permitted to participate in the Anchor Investor
Portion through the ASBA process. For details, see 'Offer Procedure'
on page 693 of the Prospectus.
The Offer received 4.997 applications for 83,052,060 Equity Shares
(prior to technical rejections) resulting in 1.4169 times subscription. The details of the
applications received in the Offer from various categories are as under: (before technical
rejections)
SI. No. |
Category |
No. of Applications |
No. of Equity
Shares applied |
Shares reserved as
per Prospectus |
No. of times
subscribed |
Amount (Rs.) |
A |
Retail Individual Bidders |
4,844 |
531,484 |
20,514,750 |
0.0259 |
148,888,660.00 |
B |
Non Institutional Bidders |
84 |
8,862,766 |
8,792,036 |
1.0080 |
2,480,845,730.00 |
C |
Qualifies Institutional
Bidders (Excluding Anchors) |
42 |
55,436,039 |
11,722,714 |
4.7289 |
15,522,090,920.00 |
D |
Anchor Investors |
27 |
18,221,771 |
17,584,071 |
1.0363 |
5,102,095,880.00 |
|
Total |
4,997 |
83,052,060 |
58,613,571 |
1.4169 |
23,253,921,190.00 |
Final Demand
A summary of the final demand as at different Bid prices is as under:
SI. No. |
Bid Price |
Bids Quantity |
(%) to Total |
Cumulative Total |
% Cumulative Total |
1 |
275 |
166,049 |
0.26 |
166,049 |
0.26 |
2 |
276 |
2,703 |
0.00 |
168,752 |
0.26 |
3 |
277 |
2,491 |
0.00 |
171,243 |
0.26 |
4 |
278 |
4,876 |
0.01 |
176,119 |
0.27 |
5 |
279 |
2,756 |
0.00 |
178,875 |
0.28 |
6 |
280 |
64,260,539 |
98.98 |
64,439,414 |
99.26 |
7 |
CUTOFF |
482,724 |
0.74 |
64,922,138 |
100.00 |
|
TOTAL |
64,922,138 |
100.00 |
|
|
The Basis of Allotment was finahzed in consultation with the Designated
Stock Exchange, being the NSE on February 5, 2019.
A. Allotment to Retail Individual Bidders (after technical
rejections) (including ASBA Applications)
The Basis of Allotment to the Retail Individual Bidders
who have bid at the Cut-Off Price or at the Offer Price of Rs. 280 per Equity Share, was
finalized in consultation with the NSE. This category has been subscribed to the extent of
0.02457 times The total number of Equity Shares Allotted in Retail Portion is 504,083
Equity Shares to 4.497 successful Retail Individual Bidder. The category-wise details of
the Basis of Allotment are as under:
Category |
No. of Applications
Received |
% of Total |
Total No. of Equity
Shares applied |
% to Total |
No. of Equity
Shares allotted per applicant |
Ratio |
Total No. of Equity
Shares allotted |
53 |
3,374 |
75.03 |
178,822 |
35.47 |
53 |
1 : 1 |
178,822 |
106 |
489 |
10.87 |
51,834 |
10.28 |
106 |
1 : 1 |
51,834 |
159 |
114 |
2.54 |
18,126 |
3.60 |
159 |
1 : 1 |
18,126 |
212 |
79 |
1.76 |
16,748 |
3.32 |
212 |
1 : 1 |
16,748 |
265 |
45 |
1.00 |
11,925 |
2.37 |
265 |
1 : 1 |
11.925 |
318 |
56 |
1.25 |
17,808 |
3.53 |
318 |
1 : 1 |
17,808 |
371 |
42 |
0.93 |
15,582 |
3.09 |
371 |
1 : 1 |
15,582 |
424 |
12 |
0.27 |
5,088 |
1.01 |
424 |
1 : 1 |
5,088 |
477 |
7 |
0.16 |
3,339 |
0.66 |
477 |
1 : 1 |
3,339 |
530 |
41 |
0.91 |
21,730 |
4.31 |
530 |
1 : 1 |
21,730 |
583 |
4 |
0.09 |
2,332 |
0.46 |
583 |
1 : 1 |
2,332 |
636 |
9 |
0.20 |
5,724 |
1.14 |
636 |
1 : 1 |
5,724 |
689 |
225 |
5.00 |
155,025 |
30.75 |
689 |
1 : 1 |
155,025 |
TOTAL |
4,497 |
100.00 |
504,083 |
100.00 |
|
|
504,083 |