India's Chalet Hotels rises on QIP launch

Chalet Hotels

28/03/2024 07:13

** Shares of Chalet Hotels  CHAL.NS  rise as much as 9.9% to
record 958 rupees
    ** Hotels operator on Wednesday launched qualified
institutional placement (QIP), set floor price of 780.76 rupees
per share, a 10.4% discount to its closing price on the day
    ** Co did not immediately respond to mail seeking comment on
size of QIP and how it planned to use QIP proceeds
    ** Stock currently up 2%
    ** Close to 2.7 mln shares traded in stock's most active
session in over 2 years
    ** Twelve analysts tracking CHAL rate it "buy" on avg,
median PT 825 rupees - LSEG data
    ** Stock up nearly 10% in March, extends winning run to 5
months


 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))