Bharat Hotels runs 5-star properties under LaliT brand has finally received a go-ahead signal from the market regulator the Securities and Exchange Board of India (SEBI) to float an initial public offer (IPO). With this clearance of Sebi; the count has reached 60 so far till date. Bharat Hotels obtained “observations” on 12th October, as per the latest update with the market regulator SEBI.

The market regulator SEBI’s observations are quite necessary for a firm to float public offers like follow-on public offer (FPO) and initial public offer (IPO).

This IPO comprises a sale of equity shares worth around INR 1,200 crore. The proceeds will be utilized for repayment of loans availed by a firm & for other general corporate purposes. HDFC Bank Ltd, YES Securities (India) and Edelweiss Financial Services will be the lead managers of this public issues.

Currently, the company has been operating 12 hotels, resorts and palaces under the brand name LaLiT.

Image Credit: Bharat Hotels