Hotel Leelaventure redeems outstanding bonds worth $41.6 million

Hotel Leelaventure has fully redeemed the outstanding Zero Coupon Convertible Bonds aggregating $41.6 million together with the redemption premium (due on April 25, 2012) along-with applicable interest for the delayed period in terms of the offering circular dated April 19, 2007 and as per the approval from Reserve Bank of India. The bonds were issued in 2007 and were listed on the Singapore Exchange Securities Trading.

In April 2007, the company had issued $100 million Zero Coupon Convertible Bonds due in 2012. Moreover, the company repurchased and cancelled 584 bonds of an aggregate principal amount of $58.40 million earlier.

Hotel Leelaventure operates hotels and resorts in India. It also operates spas; and offers facilities for meetings and events, weddings, and social celebrations. The company’s portfolio includes luxury hotels and resorts primarily in Mumbai, Bangalore, Goa, Kovalam, Gurgaon, and Udaipur.