Grand Central Hotel Calls AGM in Falgun 29, to issue IPO

Grand Central Hotel Limited is in preparation to offer IPO to the general public.
The meeting of board of directors held on Magh 27 announced its annual general meeting on falgun 29, where the IPO issuance proposal will be approved, said the hotel.

The meeting will take place at the hotel’s premises in Itahari, Sunsari. The meeting is expected to endorse the proposal of increasing company’s paid up capital, and changing capital structures.

Additionally, AGM will endorse the company’s annual report and review financial details, according to the hotel.

Located in Itahari, the hotel recently entered into a franchise agreement with Wyndham Hotels and Resorts in New Delhi to open a Wyndham Hotel by Ramada in Itahari. Resultantly, the hotel will be re-branded as Wyndham Hotel by Ramada.

The company was established by Desh Bandhu Basnet with the investment of Rs 1072 million. Through its strategic location in Itahari, adjacent to Nepal-India open border, is expected to boost tourism by attracting Indian tourists.