New Delhi, Jan. 23 -- The Securities and Exchange Board of India (SEBI) gave nod to Pride Hotels Limited for a proposed initial public offering (IPO), an official statement said on Friday.
The proposed IPO is expected to be around Rs 1,000 crore, according to sources. The public offer will comprise a fresh issue of equity shares aggregating up to Rs 260 crore by the company and an offer for sale (OFS) of up to 3,92,39,944 equity shares by the promoter selling shareholders. Each equity share carries a face value of Rs 5.
The company plans to utilise the net proceeds from the fresh issue primarily towards capital expenditure for renovation of existing hotels, repayment and prepayment of certain borrowings, and general corporate purposes.
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