New Delhi, Bharat Hotels, which runs five-star properties under ‘The LaLiT’ brand, has filed a draft prospectus with capital markets regulator to garner Rs 1,200 crore through its initial share sale. The initial public offer (IPO) comprises sale of fresh equity shares to the tune of Rs 1,200 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.