Pride Group of Hotels, the Mumbai based hospitality company, intends to mop
up Rs 200 crore from an initial public offering (IPO) in January 2010 to part
fund its Rs 800 crore expansion plan. The balance will be raised through a mix
of internal accruals, debt and private placement of equity.
The company plans to operate 30 hotels, under various segments ranging from
high end luxury hotels to moderately priced business hotels, called Pride
Biznotels by 2015. Currently, the Pride Group operates 10 hotels, a list of
luxury resorts and business hotels with 1,000 rooms in all.