(Reuters) -India’s Brigade Hotel Ventures set the price band for its initial public offering in the range of 85 to 90 rupees, valuing the company at up to 34.19 billion rupees ($396.96 million), a newspaper advertisement showed on Monday.
The IPO for the hotels arm of property developer Brigade Enterprises will be open for bids between July 24 and July 28, while anchor investors can submit their bids on July 23.
Shares are likely to begin trading on July 31.
The company’s 7.6-billion-rupee (about $88 million) IPO consists solely of a fresh issue of shares, with existing shareholders not divesting any stake. It was not immediately clear how many shares the company is issuing.
Proceeds from the offering will be used to repay past borrowings and pursue acquisitions, among other corporate purposes.
Brigade Hotel Ventures, which has the majority of its hotels located in the southern part of the country, competes with the newly listed Schloss Bangalore, owner of luxury hotel chain “The Leela”, among others.
($1 = 86.1300 Indian rupees)
(Reporting by Yagnoseni Das and Manvi Pant in Bengaluru; Editing by Sherry Jacob-Phillips and Janane Venkatraman)
