Hotel Leelaventure today said it has allotted over 16.39 crore shares worth Rs 275.09 crore to JM Financial Asset Reconstruction Company in lieu of debt conversion.
"... the Finance Committee of the board of directors of the company at their meeting held today have issued and allotted to JM Financial Asset Reconstruction Company Ltd 16,39,43,459 fully paid up equity shares of Rs 2 each, at a price of Rs 16.78 per equity share (including premium of Rs 14.78 per equity share) aggregating to Rs 275.09 crore," Hotel Leelaventure said in a filing to BSE.
The allotment is subsequent to the approval accorded by the company's shareholders and pursuant to prior in-principle approvals received from the stock exchanges to issue and allot equity shares on conversion of debt, it added.
Earlier in May 2017, JM Financial Asset Reconstruction Co had increased its stake in Hotel Leelaventure to 48.80 per cent with acquisition of 13.34 crore shares upon conversion of debt.
Shares of Hotel Leelaventure today closed at Rs 20.20 per scrip on BSE, up 4.94 per cent from its previous close.
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