Hotel Leelaventure’s Board will reportedly approve enabling resolutions for issuing up to 125 crore new equity shares to primary lender JM Financial Asset Reconstruction Company (ARC) on preferential basis for converting part of debt into equity.
If enabling resolutions go through, JM Financial will end up acquiring more than 50% in the hotel, up from its current 26% holding. Currently, Hotel Leelaventure, which has hotels in Delhi, Mumbai, Chennai, Gurgaon and Bengaluru, has a debt of over Rs 3,000 crore.
Hotel Leelaventure is an India-based holding company, which is engaged in hoteliering business. The company is engaged in providing accommodation and food services, and food and beverage services.
