Bharat hotels to decide on IPO by next month

Kolkata, Nov 8 (UNI) Bharat Hotels is expected to come out with a decision on Initial Public Offering (IPO) by the next month to raise fund for its ongoing projects.

" We are in the process of taking a decision on going for IPO in the next three-four weeks. We require about Rs 1,000 crore for the hotel projects we are occupied with right now in Ahmedabad, Jaipur, Chandigarh and Bekal in Kerala besides the one for Great Eastern Hotel in Kolkata, " company Chairperson Jyotsna Suri today said.

Talking to reporters on the renovation plan for 'The Grand Great Eastern Kolkata' which Bharat Hotels took over last year, Ms Suri said the company expected to mop up between Rs 400 and 450 crore through IPO or private placement.

The rest of the amount would come from debts.

She said though the company had initially throught of going for an IPO, it shelved the idea considering the 'tumultuous market condition' that time. " Now we are giving a rethought to the proposal and an internal debate on the issue is going on, " she added.

The company has earmarked Rs 120 crore alone for renovation and reconstruction of the erstwhile state-run Great Eastern Hotel, which Mr Lalit Suri, the former Chairman of Bharat Hotels, bought from the West Bengal Government in November, 2005.

However, Mr Suri recently died a premature death leaving the onus for restarting the 165-year-old heritage hotel on his wife and company top brass late Chairman Lalit Suri.

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