India's Schloss Bangalore, owner and operator of 'The Leela' branded luxury hotels, filed for a 50 billion rupee ($599 million) initial public offering, draft papers on Friday showed.

Schloss is issuing fresh shares worth 30 billion rupees, while shareholder Project Ballet Bangalore Holdings (DIFC), an affiliate of Brookfield Asset Management, is selling shares worth 20 billion rupees.

The Brookfield Asset Management-backed company aims to raise Rs 3,000 crore via fresh issue, and Rs 2,000 crore through offer-for-sale route, as per the draft red herring prospectus

The company will use Rs 2,700 crore from the initial public offering to repay or prepay in part or full of borrowing availed by the company and its subsidiaries.

India's Schloss Bangalore, owner and operator of 'The Leela' branded luxury hotels, filed for a 50 billion rupee ($599 million) initial public offering, draft papers on Friday