Hotel Leela Venture Ltd today said a promoter group firm, Leela Lace Holdings Pvt Ltd has pledged shares aggregating to 18.56% stake in it to State Bank of India (SBI) and Bank of Baroda (BOB).
In a filing to the BSE, the company said Leela Lace Holdings Pvt Ltd (LLH) has pledged 4.9 crore shares with the SBI accounting for 12.63% of the total share capital of Hotel Leelaventure on May 19, 2012.
On the same day, (LLH) also pledged 2.3 crore shares to BOB accounting for 5.93% of total share capital of the hospitality firm.
LLH holds over 18.86 crore shares representing 48.64% of Hotel Leelaventure and it has pledged over 16.35 crore shares representing 42.18% paid up capital as on May 22, 2012, the filing said.
Hotel Leela has been undergoing a corporate debt restructuring process. It is reported to have piled up nearly Rs 4,000 crore in long term and short debts.
Hotel Leelaventure's scrips closed at Rs 31.85 per share, up 3.41% from the previous close on the BSE.