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Business News/ Market / Stock-market-news/  Bharat Hotels files Rs1,200 crore IPO papers
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Bharat Hotels files Rs1,200 crore IPO papers

Proceeds from the Bharat Hotels share sale will be utilised towards repayment of certain loans availed by the company for other general corporate purpose

Bharat Hotels’ public issue will be managed by HDFC Bank Ltd, Edelweiss Financial Services Ltd and YES Securities (India) Ltd. Photo: iStockPremium
Bharat Hotels’ public issue will be managed by HDFC Bank Ltd, Edelweiss Financial Services Ltd and YES Securities (India) Ltd. Photo: iStock

New Delhi: Bharat Hotels, which runs five-star properties under The LaLiT brand, has filed draft prospectus with capital markets regulator to garner Rs1,200 crore through its initial share-sale. The initial public offer (IPO) comprises sale of fresh equity shares to the tune of Rs1,200 crore, according to the draft papers filed with the Securities and Exchange Board of India (Sebi).

Proceeds of the issue will be utilised towards repayment of certain loans availed by the company for other general corporate purposes. “In addition, our company expects to receive the benefits of listing of the equity shares on the stock exchanges, enhancement of our company’s brand name and creation of a public market for the equity shares," the draft papers noted.

HDFC Bank Ltd, Edelweiss Financial Services Ltd and YES Securities (India) Ltd will manage the company’s public issue.

As of March 2018, the company operated 12 luxury hotels, palaces and resorts under The LaLiT brand and two mid-market segment hotels under The LaLiT Traveller brand across the country’s key business and leisure travel destinations, offering 2,261 rooms.

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Published: 02 Jul 2018, 06:01 PM IST
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