NEW DELHI: Brigade Hotel Ventures, a wholly-owned subsidiary of Brigade Enterprises (BEL), has received the securities and exchange board of India (SEBI) approval for its proposed initial public offering (IPO).
The company’s IPO comprises of a fresh issue of equity shares of face value of Rs 10 each aggregating up to Rs 900 crore.
The company has a portfolio of nine operating hotels across Bengaluru, Chennai, Kochi, Mysuru and the GIFT City with 1,604 keys. The hotels are operated by hospitality companies such as Marriott, Accor and InterContinental Hotels Group.
BEL entered into the hospitality business in 2004 with the development of their first hotel Grand Mercure Bangalore, which commenced operations in 2009.
JM Financial and ICICI Securities are the book running lead managers to the issue.
