Hotels & Accommodations

Family dispute erupts over shares of Mumbai’s InterContinental Hotel

Published

7 hours ago

July 21, 2025

The fault lines run between Ravi Ghai, the son of Kwality Ice Creams founder I.K. Ghai, and his son Gaurav Ghai. The dispute involves shares ofGraviss Hospitality Ltd, the ₹300-crore market capitalization company that owns and operates the InterContinental Hotel on the city’s iconic Marine Drive promenade.

As part of a family settlement agreement signed in 2021 and a supplementary agreement signed in 2023, Ravi Ghai transferred all his stake in all the group’s private companies to his son for a payment of ₹105 crore. Mint has seen a copy of these agreements.

Ravi Ghai also received payments recently when the Graviss group exited a joint venture making non-dairy cream. In all, he received ₹235 crore net of taxes between 2021 and 2024.

As per the family settlement agreement, the father, 83, was to hold on to 51% of the promoters’ stake in listed Graviss Hospitality Ltd and remain as the non-executive chairperson. He would receive monthly payments worth ₹1.5 crore a year as business expenses from the listed company.

Upon his demise, his shares in the company were to be transferred to his son, Gaurav Ghai, who holds 49% of the promoters’ stake. In all, the promoters owned 74.92% of Graviss Hospitality as of 30 June.

However, Ravi Ghai has refused to honour this agreement, his son Gaurav has alleged.

This was due to the family settlement agreements failing to achieve their desired outcome of family harmony, said an email by Vimadalal & Co., former lawyers of Ravi Ghai–Mint has reviewed the email.

Gaurav did not invite his father to his son’s wedding in Dubai, causing him humiliation, alleged the email. Monthly payments from the listed company to the senior Ghai also stopped from March this year, the lawyer claimed.

Citing these reasons, the father terminated the two family settlement agreements, the letter said.

Subsequently, in May, the two camps agreed to appoint former Bombay High Court chief justice R.D. Dhanuka as an arbitrator to resolve their disputes, according to the letters between the lawyers of the two camps, which Mint has reviewed.

However, the same month, Ravi Ghai filed a police complaint against his son and his family members, alleging that he was made to sign the 2023 supplement agreement without his explicit knowledge.

In June, the senior Ghai emailed justice Dhanuka, alleging that Vimadalal had terminated the family settlement agreements and appointed justice Dhanuka as the arbitrator without his consent. The former high court chief justice has since recused himself from the matter.

When contacted, Sandip Vimadalal, law firm’s proprietor, refused to comment citing that it was privileged communication between an attorney and their client.

Meanwhile, Gaurav Ghai said after reviewing the family settlement agreements and conducting a preliminary enquiry, the Mumbai Police found no criminality and have dismissed the complaint filed by his father without filing any first information report (FIR).

“This is the last legacy asset that my grandfather I.K. Ghai bought. The last thing I want is for this to go away. I am fighting to protect my family’s legacy,” Gaurav Ghai said.

In an emailed response to Mint’s queries, Ravi Ghai said, “I have categorically denied the existence and validity of any Supplemental Family Settlement Agreement allegedly dated 25.08.2023.” He alleged that his signatures in the agreement had been forged. He also cast aspersions on the notary and attestation authorities who signed the agreements, saying he never visited a notarial authority.

Ravi Ghai also disputed that he received ₹235 crore as part of the two family agreements.

The senior Ghai, however, acknowledged the closure of his complaint by the Mumbai Police. He said he was aggrieved by the closure and now has approached the Bombay High Court with the same complaints he had lodged with the police.

The disputed company represents about 5% of the revenues of the Graviss Group, Gaurav Ghai said. The group’s main business is manufacturing ice creams and other food products. The group is the sole manufacturer and distributor of Baskin Robins in India. It also operates the Kwality brand outside India in markets like the Middle East and UK.

Hindustan Unilever Ltd had acquired the Kwality brand from Ravi Ghai and his family in 1995. The consumer goods major sells Kwality Wall’s branded ice cream in India.

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Hotels & Accommodations

IA&AS officer loses gold chain in B-Hills hotel pool

Published

25 minutes ago

July 21, 2025

Express News Service

HYDERABAD: A 20-gram gold chain worth about Rs 2 lakh, belonging to a 2012-batch Indian Audit and Accounts Service (IA&AS officer), allegedly went missing from a luxury hotel in Banjara Hills. The officer filed a complaint after the hotel failed to trace the chain in 48 hours.

On July 12, he lost the chain while swimming in the hotel pool. He informed the hotel manager the same night. Despite approaching hotel staff, including the manager, reception, spa and pool personnel, there was no breakthrough. “I have spoken to the hotel staff, but there has been no outcome. Checking the CCTV footage may help,” the officer said.

He added that around 10 guests, along with a hotel staffer and a glass cleaner, accessed the pool after he left. He suspects the chain was stolen between 11.30 am and 9.30 pm.

Banjara Hills police have registered a case under Section 303(2) (theft) of the BNS.

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Hotels & Accommodations

Brigade Hotel Ventures IPO to open on July 24; Check price band, issue size & more

Published

1 hour ago

July 21, 2025

Pawan Kumar Nahar

Brigade Hotel Ventures, a hotel owner and developer in South India, has announced the price band for its upcoming initial public offering (IPO) at Rs 85-90 per share. The IPO, valued at Rs 759.60 crore, will be available for subscription from July 24 to July 28. Investors can bid for a minimum of 166 shares, and the anchor investor bidding is set to commence on July 23.

The IPO constitutes a fresh issue of equity shares without any offer-for-sale component. Proceeds from the issue will be primarily utilised for debt repayment amounting to Rs 468.14 crore, with Rs 107.52 crore allocated for acquiring an undivided share of land from the promoter, Brigade Enterprises (BEL). The remaining funds are earmarked for acquisitions, strategic initiatives, and general corporate purposes.

Earlier this month, Brigade Hotel Ventures raised Rs 126 crore through the sale of equity shares to 360 ONE Alternates Asset Management in a pre-IPO round. The company is a subsidiary of Bengaluru-based real estate company Brigade Enterprises.

Brigade Hotel Ventures boasts a portfolio of nine operating hotels across various locations, including Bengaluru, Chennai, Kochi, Mysuru, and GIFT City, with a total of 1,604 keys. These hotels are managed by renowned global hospitality brands such as Marriott, Accor, and InterContinental Hotels Group.

Despite a challenging financial year, the company reported a profit decline of 24% to ₹23.7 crore in FY25, down from ₹31.14 crore in the previous year. However, revenue increased by 16.6% to ₹468.3 crore, up from ₹401.7 crore, indicating resilience in its operational performance.

The IPO is being managed by JM Financial and ICICI Securities, who are serving as the book-running lead managers, while Kfin Technologies is acting as the registrar. The allocation of shares is expected to be finalised on July 29, with the listing anticipated on the bourses on July 31.

This offering presents a significant opportunity for investors looking to tap into the hospitality sector in South India, backed by Brigade Hotel Ventures’ strategic growth plans and established partnerships with leading global hotel brands. Investors are advised to take note of the essential dates: the opening date of the IPO on July 24, closing on July 28, with the basis of allotment on July 29, and the expected listing on July 31.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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Hotels & Accommodations

Brigade Hotel IPO opens July 24: Is this Rs 759 crore offer a Subscribe? – IPO News

Published

2 hours ago

July 21, 2025

Oliviya Kunjumon

The IPO market is buzzing again, and hospitality is making headlines. One of the most anticipated issues this week is from Brigade Hotel Ventures, the hotel arm of real estate major Brigade Enterprises. With a portfolio of premium hotels across South India and global partners like Marriott and Accor, the company is opening its Rs 759.6 crore IPO on July 24.

Let’s take a look at the 7 key things every investor should know before applying.

Brigade Hotel Ventures IPO: Key dates to remember

The Brigade Hotel Ventures IPO will open its three-day bidding window on July 24 and close on July 28. The anchor book will open on July 23, and shares are likely to list on July 31. After the subscription process, the allotment of shares are expected to be finalised by July 29.

Brigade Hotel Ventures IPO: A fresh issue with no OFS

The Rs 759.6 crore IPO is a completely fresh issue, with no offer-for-sale (OFS) portion. In simple terms, this means that the company will receive all the funds raised, which will be used for business needs and not for promoter exit.

Brigade Hotel Ventures IPO: Find utilisation

Out of the total proceeds, Rs 468.1 crore will go toward repaying debt, which stood at over Rs 600 crore.

Apart from this, another Rs 107.5 crore will be used to purchase land from its promoter, Brigade Enterprises. Furthermore, the remaining amount will support future acquisitions and corporate purposes.

Brigade Hotel Ventures IPO: About the company

Brigade Hotel Ventures runs nine hotels with 1,604 keys across Bengaluru, Mysuru, Chennai, Kochi, and GIFT City. Moreover, these properties are operated by top-tier hospitality brands like Marriott, Accor, and IHG.

Brigade Hotel Ventures IPO: Pre-IPO placement at Rs 90 per share

Now coming to the pre-IPO placement, it was held on July 3. The company raised Rs 126 crore from institutional investors such as 360 ONE Special Opportunities Fund. The shares were allotted at Rs 90 apiece, effectively lowering the public issue size from the earlier planned Rs 900 crore.