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20-Oct2018

Bharat Hotels gets SEBI's approval for IPO

Bharat Hotels has received markets regulator Securities and Exchange Board of India's (SEBI) approval to raise funds through an initial public offering (IPO). The IPO comprises sale of fresh equity shares to the tune of Rs 1,200 crore.

The company, which filed the draft red herring prospectus with the SEBI in June, got the regulator's approval on October 12. The funds will be utilized towards repayment of certain loans availed by the company and for other general corporate purposes. HDFC Bank, Edelweiss Financial Services and YES Securities (India) are book running lead managers to the issue.

Bharat Hotels operates and manages hotels, palaces, and resorts in India. It also provides management consultancy services in connection with the operation and management of a hotel located in London.


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