Hotel Leelaventure seeks shareholders' nod for asset sale1 min read . Updated: 25 Mar 2019, 07:36 PM IST
- The Udaipur hotel undertaking will also be sold for a lumpsum consideration of ₹320 crore
- The company further said its Chennai hotel will be sold to the same buyer in a similar manner for a lumpsum consideration of ₹675 crore
NEW DELHI : Hotel Leelaventure is seeking shareholders' nod to sell four hotels, including one in the national capital, and other assets to Canadian investment fund Brookfield Asset Management for ₹3,950 crore.
In a regulatory filing Monday, the company said it is seeking approval for special resolutions from its shareholders through postal ballots to sell the different hotels.
As per the postal ballot notice, the company said its board has approved selling The Leela Palace, New Delhi together with all its assets and liabilities as a going concern, on a 'slump sale' basis, to an Indian subsidiary of BSREP Ill India Ballet Pte Ltd (Brookfield) for a lumpsum consideration of ₹1,705 crore.
Similarly, the board has also approved selling of the company's Bengaluru hotel undertaking as a going concern on a 'slump sale' basis to Brookfield for a lumpsum consideration of ₹1,000 crore.
The company further said its Chennai hotel will be sold to the same buyer in a similar manner for a lumpsum consideration of ₹675 crore.
The Udaipur hotel undertaking will also be sold for a lumpsum consideration of ₹320 crore.
Further, Hotel Leelaventure said the board has approved sale of its hotel operations undertaking pertaining to hotel management operations together with all its assets and liabilities for ₹135 crore.
Moreover, the board has given its nod to sell the company's entire shareholding in Leela Palaces and Resorts Ltd, a wholly-owned subsidiary that owns property and holds licences for the development of a hotel in Agra, for ₹115 crore.
The voting by shareholders will commence on 26 March and end on 24 April and the result will be declared on 26 April, the filing said.
This story has been published from a wire agency feed without modifications to the text.