Chalet Hotels gains 2% on fund-raising plans

Chalet Hotels Ltd announced the raising of further funds from promoters for the Koramangala project in Bengaluru

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Shares of Chalet Hotels Ltd were trading almost 3 percent higher in the afternoon trade on June 26 after the company announced plans to raise funds from the promoters for the Koramangala project in Bengaluru.

The company received the real estate regulatory authority (RERA) approval for its residential project in Koramangala in March 2023.

The company also plans to seek approval of shareholders for raising funds including but not limited to the purpose of refinancing high-cost debt, it said in an exchange filing on June 23.

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Chalet Hotels will release the revised financial results for the quarter and year ended March 31, 2023 after a meeting of its board of directors on July 3, 2023.

The revised standalone and consolidated results would include the scheme of arrangement for the amalgamation of Belaire Hotels Private Limited and Seapearl Hotels Private Limited (wholly owned subsidiaries) with the company.

At 12.36 pm, Chalet Hotels was trading 2.8 percent higher from the previous close at Rs 419 on the National Stock Exchange.

Chalet Hotels EPS has increased to Rs 1.91 in March 2023 from Rs. 0.56 in March 2022.

Analysts view

According to Bloomberg, six analysts have a “buy” rating for the stock and no “sell” or “hold” calls. The 12-month target price for the share is up 19 percent from the current market price at Rs 498.40.

Domestic brokerage Prabhudas Liladher has a “buy” rating on the stock, with a target price of Rs 504 on account of Chalet Hotel’s average room rate breaching the Rs11K mark this quarter.

The share has given a 28.5 percent return over the past six months and 43.7 percent over the past five years.

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