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Investment bank Morgan Stanley has divested its stake in India-based hotel operator SAMHI Hotels, as reported by The Economic Times.

Earlier this month, Indian company Blue Chandra also divested its equity shares worth Rs1.3bn ($15.68m) in SAMHI Hotels.

Additionally, SAMHI Hotels made its debut on the National Stock Exchange of India (NSE), with shares listed at an 8% premium over the issue price.

On NSE, the hotel’s stock revived and closed per share priced at Rs146 ($1.76), 16% higher than its initial public offering (IPO) price of Rs126 ($1.52).

SAMHI Hotels plans to use the net proceeds of the fresh issue to repay its debt and for other corporate purposes, mint reported.

The company is expected to get Rs13.70bn ($164.81m) from the public issue.

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Out of the amount, the company expected to raise Rs12bn ($14.44m) from fresh issue, while the remaining Rs1.70bn ($20.45m) was expected to be brought in through the offer for sale route.

Currently, SAMHI Hotels has a portfolio of 31 hotels consisting of 4,801 rooms and has a geographic presence across 14 Indian cities.

Furthermore, the hotel operator has two hotels in the pipeline, with a total of 461 keys in Navi Mumbai and Kolkata.

In April this year, SAMHI Hotels refiled its draft red herring prospectus with the market’s regulator, the Securities and Exchange Board of India.