Wednesday, October 26, 2005

Royal Orchid Group plans IPO, MphasiS Chairman buys stake


Software company MphasiS Chairman Jerry Rao has invested an undisclosed amount in Royal Orchid Group of Hotels after joining the group's board of directors, report agencies.His investment comes within days after venture capital fund WestBridge Capital Partners picked up nearly 10% equity stake in the Group for Rs 25 crore (Rs 250 million).The Group recently said that it was seeking to float an IPO to raise Rs 100 crore (Rs 1 billion) to fuel its expansion plans and had filed a red herring prospectus with Sebi soon.

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