Seven entities in race to acquire Asian Hotels (West)
The listed Asian Hotels (West), which operates Hotel Hyatt Regency near Mumbai airport, was admitted for corporate insolvency proceeding last September.
The listed Asian Hotels (West), which operates Hotel Hyatt Regency near Mumbai airport, was admitted for corporate insolvency proceeding last September.
Labdhi Lifestyle will be investing over Rs 200 crore to develop a mixed-use project, including repayment of debt raised from both the lenders. It will now be the lead developer of the project giving it a revenue earning potential of Rs. 600 crore, expected to be completed within the next two years.
The hotel chain had filed its draft red herring prospectus for a ₹1,000-crore IPO in January 2020 and received regulator's nod. However, the Covid-19 pandemic had postponed its IPO plans, first in March-April 2020 and again in April 2021.
The deal values the apartment on a carpet-area basis at Rs 1.51 lakh per sq ft, pushing it in the tally of the country’s most expensive transactions for a residential apartment. The deal can be counted as an outlier as the rate is higher than the ongoing range of Rs 85,000 to Rs 1 lakh per sq ft in the vicinity.
Gandhi continues to be a key shareholder of Angel One, the listed company of Angel Broking, holding nearly 6% stake in the company. The deal values the apartment spread over 5,555 sq ft at over ₹90,000 per sq ft.
While the registration data has been suggesting more traction in housing sales in suburban localities, these luxury deals in south- and south-central Mumbai are also taking the country’s most expensive property market to new highs.
The committee of creditors representing the lenders had approved a hybrid plan where Prestige will pay upfront cash of Rs 370 crore and provide the lenders with 8 lakh square feet built-up commercial area.
Tata Housing Finance, HDFC and ICICI Home Finance led the primary market bond sale, raising ₹5,475 crore collectively.
JM Financial Home Loans, the affordable housing focused lending arm of JM Financial Group, is eyeing a five-fold increase in loan book next fiscal with the co-lending tie-up it has entered into with Bank of Baroda.
The company's Rs 500-crore initial public offering comprises Rs 250 crore through fresh issue of shares and an equal amount through offer-for-sale.
ICICI Securities and JM Financial are managing the issue. The company aims for a listing by April 2020.