Nitesh Estates, the Bangalore based real estate developer, is likely to raise
nearly Rs 1,000 crore through sale of shares of a SPV to fund its upcoming Ritz
Carlton hotel project in Chennai. Nitesh is likely to dilute over 70 per cent
stake through stake sale and foreign listing.
Nitesh has signed an agreement recently with US based Ritz Carlton, a wholly
owned subsidiary of Marriott International, for setting up a 200-room hotel and
80 serviced residences in Chennai. The cost of the project is estimated to be
around Rs 1,500 crore.
The project, which is to be located on nine acre in Boat Club area, is
expected to have one lakh sq ft of luxury retail space.
Also See:
Nitesh
Estates plans to raise funds through IPO (02-Sep-09)