MD Gaurav Bhalla says Vatika Hotels aims to issue an IPO (initial public offering) by the third quarter of 2018
Bengaluru: Vatika Hotels, the hospitality arm of Gurgaon-based realty firm Vatika Group, on Thursday said it had bought back shares from US banking group Goldman Sachs and now owns 100% of the entity.
Goldman Sachs had invested Rs300 crore in Vatika Hotels in the form of compulsory convertible debentures (CCD), which later got translated into equity in 2015.
Gaurav Bhalla, managing director of Vatika Hotels, said, “In the following years, we have rigorous growth plans for all our verticals and aim to issue an IPO (initial public offering) by the third quarter of 2018.”
In 2007, Vatika Group had also raised Rs600 crore, in equity, from Goldman Sachs along with Baer Capital Partners. Both the firms exited a few years back.
The funds generated would be used to take the advantage of the newly formed Transit Oriented Development (TOD) policy, the firm said. The company plans to increase the capacity of Westin, Gurugram with 200 more rooms along with expansion plans for the Westin resort located in Sohna, both owned by Vatika Group.