Pride Hotels IPO is planned by the group in the first quarter of 2008 to fund its expansion plans. Pride Hotels is Mumbai-based hotel chain which has marked aggressive expansion plans through out the country. For its expansion the company has already received Rs. 45 crore from Kotak India Real Estate Fund as part investment in the group and 10 crore from Mauritius based primary fund.
Pride Hotels currently operate in Chennai, Nagpur and Pune with 400 rooms and plans to expand the current number of rooms to 1120 by 2010. More information and updates regarding the Pride Hotels IPO size and offer details would be known soon.
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