Hotel Leela to raise $90mn for funding acquisition

Hotel Leelaventure today said it will raise around $90 million through issue of securities to fund new hotel projects and will also acquire a hotel in Kerala.

The board of directors have approved the proposal of raising of funds through issuance of securities, to part fund new hotels or projects, of upto $90 million or its equivalent in any other foreign currency, the hotel informed the BSE.

The board also approved the acquisition of an existing operating hotel located at Kovalam beach in Kerala, it said.

It has confirmed the interim dividends on the equity shares as final dividend, it added.