Brigade Hotel Ventures Limited

listedRefreshing

NSE · Source: NSE

Price band

₹85–₹90

Issue size

₹759.6 Cr

Fresh issue

₹759.6 Cr

Offer for sale

—

Governance observations

Supported by the filing.

Brigade Enterprises Limited held 100% of the pre-Issue equity share capital, comprising 281,430,000 Equity Shares, giving the Promoter complete pre-Issue ownership and control (p.26)
₹ 1,075.19 million of Issue proceeds is proposed to be paid as consideration for an undivided share of land purchased from Promoter Brigade Enterprises Limited, creating a direct related-party element within the Objects of the Issue (p.26)
The Company has recurring related-party dealings with BEL including rent and interest on borrowings; Fiscal 2024 interest on borrowings to BEL was ₹ 132.10 million and rent paid was ₹ 59.70 million (p.30)
Auditor reporting for Fiscal 2024 identified audit-trail and electronic-backup deficiencies relating to accounting systems used by individual hotel units (p.54)
Auditors highlighted the ongoing property-tax assessment dispute and considered liquidity in the context of current liabilities exceeding current assets and a financial-support letter from the holding company (p.53, 54)
A very large pre-Issue capital restructuring occurred shortly before the IPO process: 28,043,000 OCRPS held by BEL were converted into 280,430,000 Equity Shares on May 10, 2024 at ten Equity Shares for each OCRPS (p.32)
The Audit Committee approved the disclosed KPIs on October 30, 2024 and the KPIs were certified by Manian & Rao, Chartered Accountants (p.109)

Counterparty

Brigade Enterprises Limited	Revenue from hospitality services, Fiscal 2024	₹ 13.10 million	—	—
Brigade Enterprises Limited	Reimbursement of expenses made by the Company, Fiscal 2024	₹ 18.30 million	—	—
Brigade Enterprises Limited	Interest on borrowings, Fiscal 2024	₹ 132.10 million	—	—
Brigade Enterprises Limited	Purchase of materials, Fiscal 2024	₹ 1.50 million	—	—
Brigade Enterprises Limited	Rent paid, Fiscal 2024	₹ 59.70 million	—	—
Brigade Enterprises Limited	Interest on borrowings, three months ended June 30, 2024	₹ 35.20 million	—	—
Brigade Enterprises Limited	Rent paid, three months ended June 30, 2024	₹ 14.20 million	—	—
Brigade Enterprises Limited	Loan proceeds, Fiscal 2023	₹ 150.00 million	—	—
Brigade Hospitality Services Limited	Reimbursement of expenses made by the Company, Fiscal 2024	₹ 13.80 million	—	—
Brigade Hospitality Services Limited	Sale of property, plant and equipment, Fiscal 2023	₹ 44.40 million	—	—
Subramanian Engineering Limited	Sale of property, plant and equipment, Fiscal 2023	₹ 71.90 million	—	—
Subramanian Engineering Limited	Interest on non-convertible debentures, Fiscal 2024	₹ 1.40 million	—	—
WTC Trades & Projects Private Limited	Reimbursement of expenses made by the Company, Fiscal 2024	₹ 21.80 million	—	—