 "Schloss Bangalore CEO Anuraag Bhatnagar (left) and CFO Ravi Shankar (right) with Brookfield Asset Management Managing Partner and Head Asia Pacific and Middle East Ankur Gupta | PHOTO: KAMLESH PEDNEKAR.")
The Leela Palaces Hotels and Resorts, the luxury hotel brand operated by Brookfield Asset Management-backed Schloss Bangalore, will be a debt-free company after raising ₹3,500 crore through an initial public offer (IPO), the largest IPO yet in the hospitality segment. The IPO will open on May 26 and close on May 28.
“The primary proceeds of the IPO, which is close to ₹2,500 crore, would be used to squarely pay off our debt, and we will become net zero when it comes to net debt,” Anuraag Bhatnagar, chief executive officer (CEO), Schloss Bangalore, told Business Standard.
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