Bharat Hotels, which operates five-star facilities under the LaLiT brand, and micro-finance lender Spandana Sphoorty Financial have received approval from the Securities and Exchange Board of India (Sebi) to launch initial public offerings (IPOs). As a result, the total number of businesses that have received approval from the Securities and Exchange Board of India (Sebi) to start initial share offerings has reached 60 so far this year.

The Securities and Exchange Board of India (Sebi) issued "observations" to Bharat Hotels and Spandana Sphoorty on October 12, according to the most recent statement from the regulator.

According to the most recent available data, the company owned and operated 12 luxury hotels, palaces, and resorts under the LaLiT brand and two mid-market category hotels under The LaLiT Traveller brand in the country's most important business and leisure travel locations, totaling 2,261 rooms.

It is anticipated that the proceeds of the offering would be used to repay certain debts that the company has taken out as well as for general corporate reasons.