Hotel Leela Venture to raise Rs1,100 crore to end debt1 min read . Updated: 02 Aug 2012, 04:29 PM IST
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.
The 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.