DB Hospitality plans to raise Rs 1,000 cr through sale of assets
DB Hospitality, in which Dynamix Balwas (DB) Realty, the Mumbai-based realtor recently picked up a 49 per cent stake, is planning to raise Rs 1,000 crore by selling stake either in the hotel company or any of its three operational and eight under-construction properties. The group plans to complete the fund raising exercise by March end, next year.
A company spokesman has said that the firm is currently restructuring its hospitality assets and intends to attract investments at their holding company level or individual project level. The funds raised will go towards the development of its hotel projects. A minimum of seven entities, including private equity players, are in talks with the company for picking up a stake. According to a Reuters report, DB Hospitality plans to set up 2,800 rooms in its hotel properties across the country by the end of 2015.
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