Four Seasons Residency Files IPO Papers With SEBI
New Delhi: Four Seasons – A hospitality firm, confirmed that they have filed draft papers with capital markets regulator SEBI (Securities and Exchange Board of India) to help the company generate huge capital through an initial public offering (IPO).
The draft papers contain an offering of up to 1 crore equity shares of the company for sale. This amounts to about thirty-nine percent of the total holding, according to the contents of DRHP (draft red herring prospectus) filed with SEBI.
According to the source at the company, the capital generated from the IPO will be used to set up more hotels and to sort out other general targets of the company.
Currently, the company is setting up a hotel, which is to be known as the “The Westin Gandhinagar” in Gujarat. According to the draft prospectus, when completed, the hotel will comprise of 230 guests rooms.
Four Seasons Residency entered into an agreement in March 2016 with Starwood Hotels and Resorts India PVT Ltd and its affiliates. The agreement is in relation to the supervision, direction and control of the hotel operation under the “Westin” brand.
Chartered Capital and Investment has been tasked with the management of the Four Seasons Residency issue. The shares of the equity of the firm will be listed on the NSE and BSE.