Schloss Bangalore Secures Hefty Investments Ahead of IPO

Schloss Bangalore Ltd, the operator of Leela Palaces Hotels and Resorts, has successfully secured Rs 1,575 crore from anchor investors shortly before its initial public offering. This development marks a significant milestone for the company, demonstrating substantial investor confidence.

The anchor book saw vigorous participation from domestic institutional investors such as HDFC Mutual Fund and ICICI Prudential MF. Global interest was equally high, with demand from sovereign funds and foreign portfolio investors, including Fidelity and Norges Bank, heavily contributing.

Scheduled for May 26-28, the company's Rs 3,500 crore IPO combines a fresh equity issue of Rs 2,500 crore and a Rs 1,000 crore offer for sale. The proceeds will be used to address the firm's existing debts while fueling general corporate purposes.

(With inputs from agencies.)