Goldman Sach-backed SAMHI Hotels raised 900 crore from Citibank to re-finance high-cost loans from Cerberus Capital and Standard Chartered Bank, stated individuals familiar with the advancement. The refinancing of the financial obligation comes ahead of the proposed public offering of shares by SAMHI Hotels, which has a portfolio of marquee hotels throughout India such as Hyatt Regency (Pune), Hyatt Place (Gurugram), Sheraton (Hyderabad) and Courtyard by Marriott (Bangalore). Citibank NA and Citicorp Finance (India) have actually supplied a loan at a set rates of interest varying from 10.62% to 11.63%, payable over 12 years starting the quarter ending March 2024. The Draft Red Herring Prospectus (DRHP) submitted by SAMHI on April 5 revealed that the group is raising cash to retire 750-crore financial obligation by prepayment of loans and for basic business functions. SAMHI is looking for to raise 1,000 crore by issuance of fresh shares and a market of approximately 90 lakh equity shares of existing financiers. The amazing investors Goldman Sachs Investments Holdings (Asia), Blue Chandra, GTI Capital Alpha and International Finance Corporation will use part of their shareholding for sale at the IPO. Citibank, Cerberus and Standard Chartered Bank did not react to ET’s ask for remark. The profits from the IPO will be utilized to pay back part of the financial obligation raised from IndusInd Bank, Piramal Capital & Housing Finance, IFC, Mercer Investments (Singapore), GTI Capital Epsilon, DBS Bank India, HDFC, Piramal Enterprises, HDFC Bank, Standard Chartered Bank,
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