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Hotel Leela Palace, Bangalore.
Hotel Leela Palace, Bangalore.

Hotel Leela Venture to raise Rs1,100 crore to end debt

The company's board on Thursday approved raising up to 1,000 crore by selling shares in one or more installments

Mumbai: Hotel Leela Venture Ltd will sell shares to raise 1,100 crore and retire debt, it said in a regulatory filing.

photoThe company’s board on Thursday approved raising up to 1,000 crore by selling shares in one or more installments, and allot equity shares on a preferential basis to a promoter group firm to raise 00 crore.

Hotel Leela Venture’s debt on 30 September was 4,295.15 crore, up from 3,351.69 crore a year ago.

The company had secured an in-principle approval from a consortium of banks led by State Bank of India to recast debt of about 4,300 crore, which had forced the company to sell some of its properties, Mint reported on 16 May.

Hotel Leela Venture’s shares rose nearly 2% to 31.45 on Thursday, while the benchmark Sensex fell 0.19% to 17,224.36 points.

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