Entertainment and leisure conglomerate, Country Club India Ltd has acquired properties worth Rs 96.04 crores in key cities such as Chennai, Pune, Delhi, Cochin, Kolkatta, Ahmedabad, Vadodara and Surat during the past two months.
According to the company's chairman V Rajeev Reddy, most of the acquisitions in the aforesaid destinations have been of existing clubs or properties conducive for creating clubs. The company would spend a considerable amount to refurbish these properties and bring them up to the Country Club standards.
The acquisitions are a part of the strategic expansion plan undertaken by the company to consolidate and strengthen its pan-India footprint. The company currently owns/operates 33 properties across the country.The expansion has initiated on account of the fact that clubbing has become more or less a way of life in metros, Reddy said.
The company also launched its first Spa in Hyderabad recently and proposes to set up such spa’s near Mumbai, Bangalore and Chennai.
The company plans to undertake the expansion on the back of war chest of Rs 486 crores through a recently completed GDR/QIP issue, the company aims . The GDR/QIP issue, priced at Rs 770 per share, evinced tremendous response. Leading global investment institutions such as Fidelity Investment International picked up 9.88 per cent equity in the company, while Goldman Sachs International and New Vernon picked up 6.59per cent and 4.94 per cent equity respectively.
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