Hotel Leela to raise Rs950 crore from sales of non-core assets

Hotel Leelaventure today said it is expecting to get about Rs950 crore from sales of its non-core assets and in joint company ventures to reduce the company's debt.

At its board meeting in Mumbai, Hotel Leelaventure made this announcement.

The board has decided to sell major portion of the commercial office space in Chennai and to enter into joint development agreements with reputed builders on company-owned land in Hyderabad and Bangalore for residential or commercial development.

It also decided to offer up to 14.95% of its enhanced capital to prospective investors by issue of fresh equity shares.