 "Hotel Leelaventure gains on talk of monetising Hyderabad land")
Shares of Hotel Leela were up nearly 5% at Rs 18.40 25 the Bombay Stock Exchange on talk that the hotel major is planning to monetise its land located at Hyderabad and utilise the proceeds to reduce debt.
Beleaguered Hotel Leela Venture hopes to monetise its 3.85 acre land in Hyderabad’s Banjara Hills later this year after efforts to build a luxury hotel could not materialise.
The land sale could fetch the loss-making company around Rs 150 crore enabling it to bring down its debt burden which as of last financial year is estimated to have stood at Rs 4,500 crore. (Click here for the full report)
The stock opened at Rs 17.40 and touched a high of Rs 17.90. At 11:15am, over 124,000 shares were traded on both the stock exchanges.
