Pride Hotels proposes to set up a 250-key hotel in Mumbai at an outlay of Rs 200 crore.
The company has been assigned a floor space index (FSI) of 3.5 for this project which may be completed by 2011. The company, which launched three hotels in Chennai, Bangalore and Jaipur in 2009, may get to add additional 100 keys to the proposed Mumbai hotel.
The company plans to raise Rs 175-200 crore in 2010 through an initial public offering.
Pride has planned a capital expenditure of Rs 800 crore to expand capacity from the current 1,000 to 3,000 rooms by 2015. The capex will be funded through IPO proceeds, debt, private equity and internal accruals. The company has raised Rs 55 crore via private placement of stake, and will raise another Rs 45 crore through this route. It has tied up for Rs 100 crore debt from Citibank and Kotak Mahindra Bank.
Source : ProjectsToday
|