Hotel Leela to raise R100 cr via share sale to promoter
The owner of the upscale Leela chain of hotels said it would sell 308.26 lakh shares to promoter Leela Lace Software Solutions at Rs 32.44 apiece, a premium of 9.2% to the stock’s closing price on Thursday. The company’s shares closed down marginally at Rs 29.70 on Friday.
As part of the debt restructuring, Hotel Leela’s lenders agreed to significantly lower interest rates as the hotel chain pledged to raise funds through promoter investments, debt instruments and sale of non-core real estate assets.
Hotel Leelaventure’s July-September net loss widened to R92.49 crore from R64.90 crore in the same quarter last fiscal as occupancy rates were subdued owing to the seasonal nature of the hotel business.
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