Kotak picks up 11.11 pc in Pride hotel chain
Kotak India Real Estate Fund has picked up over 11 per cent stake in Pride Hotel group, reports Indulal PM.business Updated: Oct 04, 2007 20:44 IST
Kotak India Real Estate Fund has picked up over 11 per cent stake in Pride Hotel group, which runs four five star hotels across the country.
The group is planning to tap the capital markets by the end of this fiscal to raise over Rs 150 crore, said company CEO Satyen Jain.
The funds will be used for the hotel chain's expansion plans in tier-I and tier-II cities in the country, he said.
"We are planning a total investment of over Rs 350 crore towards the expansion of existing facilities and on new projects. We will be raising debt and may go for an initial public offering perhaps by the end of this financial year," Jain said.
According to sources, Kotak has invested over Rs 45 crore in the Pride group and the company is going to raise another Rs 50 crore debt.