New Delhi: Hospitality firm Four Seasons Residency Ltd has withdrawn its plan to launch an initial
public offering or IPO after filing the draft papers with the Securities and Exchange Board of India (Sebi) a month ago.
The proposed public issue comprised sale of fresh issue of up to 1 crore equity shares of the company. This works out to 39 per cent of the total holding, the draft red herring prospectus (DRHP) filed with market regulator Sebi showed.
The Ahmedabad-based company had filed draft papers with Sebi on February 22 this year.
Funds raised through the initial public offer (IPO) were proposed to have been used for capital expenditure to set up a hotel and for other general corporate purposes.
The firm is in the process of setting up a hotel - The Westin Gandhinagar - in Gujarat comprising 230 guest rooms, according to the draft prospectus.
In March 2016, Four Seasons Residency had entered into an agreement with Starwood Hotels and Resorts India Pvt Ltd and its affiliates relating to the supervision, direction and control of the operation of the hotel under the 'Westin' brand.
Chartered Capital and Investment Limited was managing the company's public issue. The equity shares of the firm were proposed to be listed on stock exchanges BSE and NSE.
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