Hotel Leelaventure to sell 14.9%, raise Rs 600 cr

The hotel giant is in talks with four equity players to sell 14.9% equity in the next 3-4 months in order to raise Rs. 600 crore after which promoters holding in the firm will come down to 50.5% from 55% at the moment.

Earlier this month, the company said that its board decided to offer 14.95% of its enhanced capital to prospective investors by issue of fresh equity shares.It is also expecting to raise about Rs 950 crore from sale of office commercial space and joint development of land owned by the firm to reduce the company's debt.It has decided to sell a major portion of the commercial office space in Chennai and to enter into joint development agreements with reputed builders on company-owned land in Hyderabad and Bangalore for residential or commercial development.Commenting on future expansion plans, Nair said: "We have land in Agra and Kerala, which we will develop later."

18,167.64 5,449.65

View the original article here