Chalet Hotels has allotted 3,000 Listed, Rated, Taxable, Transferable Commercial Papers ('CPs') aggregating to ₹150 crore on a private placement basis. The allotment was approved by the Finance Committee of the company on May 4, 2026, pursuant to Regulation 30 and Regulation 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and further to the outcome of the Board Meeting dated May 12, 2025 pertaining to the issue of Commercial Papers.

Key Details of the Commercial Paper Issuance

The issuance has been structured as unsecured debt instruments with a fixed coupon rate of 6.75%. The CPs carry a face value of ₹5,00,000 each and have been issued at a discount, with the total discounted amount aggregating to ₹147,59,80,500. The issuance has been rated CRISIL A1+ by CRISIL Ratings Limited, reflecting the highest level of safety for short-term instruments.

The following table summarises the key parameters of the Commercial Paper issuance:

Redemption and Cash Flow Schedule

The CPs are scheduled for redemption at par on July 31, 2026. At maturity, 3,000 CPs having a face value of ₹5,00,000 each will be redeemed, amounting to ₹150 crore. The cash flow schedule is as follows:

The issuance terms are governed by the Disclosure Document dated April 30, 2026, and other relevant Transaction Documents executed in relation to the CPs. No special rights, interests, or privileges are attached to the instrument, and there are no charges or security created over the assets of the company in connection with this issuance.

Listing and Regulatory Compliance

The CPs are proposed to be listed on the Wholesale Debt Market (WDM) Segment of BSE Limited. The disclosure has been made in compliance with the SEBI Master Circular for compliance with provisions of Listing Regulations bearing no. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The intimation was submitted by Christabelle Baptista, Company Secretary and Compliance Officer of Chalet Hotels.

Chalet Hotels has announced its strategic entry into the Rajasthan hospitality market with the acquisition of Seasons Hotels Private Limited, the owning entity of Inder Residency Resort & Spa in Udaipur, for ₹171 crore. The Board of Directors approved the acquisition on April 24, 2026, marking the company's expansion into one of India's premier heritage tourism destinations.

Strategic Acquisition Details

The acquisition involves a 144-room resort property spread across 8.2 acres in Udaipur, Rajasthan. The company has outlined plans to upgrade the facility into an upper upscale or premium lifestyle destination, aligning with its portfolio of upscale hospitality properties. The property will remain non-operative during the upgrade period, and Chalet Hotels will evaluate the possibility of expanding the property and adding additional rooms.

Target Entity Financial Performance

Seasons Hotels Private Limited, incorporated on December 27, 2001, commenced commercial operations of the hotel in October 2008. The entity's turnover for the last three audited financial years shows the following performance:

Market Expansion Strategy

This acquisition represents Chalet Hotels' continued focus on expanding its presence in key tourist destinations across India. Udaipur, known as the "City of Lakes," is a significant heritage and luxury tourism hub that attracts both domestic and international travelers. The property features expansive lawns, large banqueting space, two restaurants, and a bar, making it well-suited for weddings, MICE (Meetings, Incentives, Conferences, and Exhibitions), and leisure travel.

The acquisition is being made through 100% cash consideration for the entire equity shares of Seasons Hotels Private Limited, to be acquired in tranches. The company stated that the acquisition does not fall within related party transactions, and the promoter, promoter group, or group companies do not have any interest in the entity being acquired.

Company Portfolio

Chalet Hotels Limited, part of K Raheja Corp, operates as an owner, developer, asset manager, and operator of high-end hotels and resorts in India. The company comprises 11 operating hotels and resorts with 3,389 keys across globally recognized hospitality brands including JW Marriott, The Westin, and Novotel. Additionally, the company has approximately 1,510 rooms under development. The company has also launched ATHIVA, a new-age premium lifestyle hospitality brand.