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Our Bureau

Kolkata, Nov. 8

A decision to raise funds by way of a private placement or an initial public offering will be taken by the Bharat Hotels Group within the next 3-4 weeks, according to Ms Jyotsna Suri, Chairperson and Managing Director of Bharat Hotels Group.

Addressing a news conference here on Wednesday, she said the group would require approximately Rs 1,000 crore to fund its expansion plans. These include the restoration and commissioning of The Grand Great Eastern Kolkata, The Grand Resort Bekal, The Grand Ahmedabad, The Grand Chandigarh and The Grand Jaipur. She said that the size of the IPO or private placement offer would be in the range of Rs 400-450 crore. Some time ago, the company had filed a draft red herring prospects with the SEBI, but the same now stands withdrawn. The company will now have to file a fresh draft red herring prospectus with the SEBI if it decides to go for an IPO, she said.

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