NEW DELHI (INDIA): Hospitality firm Four Seasons Residency has filed draft papers with capital markets regulator Sebi to raise funds through an initial public offering.
The public issue comprises sale of fresh issue of up to 1 crore equity shares of the company. This works out to 39 per cent of the total holding, draft red herring prospectus (DRHP) filed with Sebi showed.
Funds raised through the IPO will be utilised for capital expenditure for setting up a hotel and for other general corporate purposes.
The firm is in the process of setting up a hotel — The Westin Gandhinagar — in Gujarat comprising 230 guest rooms, according to the draft prospectus.
In March 2016, Four Seasons Residency had entered into an agreement with Starwood Hotels and Resorts India Pvt Ltd and its affiliates relating to the supervision, direction and control of the operation of the hotel under the ‘Westin’ brand.
Chartered Capital and Investment Limited will manage the company’s public issue. The equity shares of the firm will be listed on the BSE and NSE.
Source: Press Trust of India