Shares of Hotel Leelaventure surged over 8 per cent today following the company's plans to sell its properties in Goa and Chennai as it looks to cut debt.
At the NSE, company's shares soared 8.16 per cent to close the day at Rs 23.20.
On BSE, the stock surged 11.83 per cent to Rs 24.10 before ending at Rs 22.95, up 6.50 per cent over last close.
In terms of volume, 8.69 lakh shares of the company changed hands at the BSE and over 36 lakh shares were traded at the NSE during the day.
"In accordance with the powers delegated by the company's board, the Assets Sale Committee, in its meeting held on March 2 has decided to commence the process for sale of its hotels in Goa and Chennai," Hotel Leelaventure Ltd had said in a filing to the BSE yesterday.
The company said it has engaged JM Financial Institutional Securities for sale of its Chennai and Goa hotels.
"Accordingly, an advertisement is being released inviting interested parties to submit their expressions of interest to JM Financial," Hotel Leelaventure added.
The company reportedly had a debt of around Rs 4,500 crore as of last year.
