Hotel Leela rallies over 11% on reports of sale of hotels in Chennai and Goa

NEW DELHI: Hotel Leela Venture Ltd surged as much as 11.8 per cent in intraday trade after media reports suggested that the hotel has initiated the sale of hotels in Chennai and Goa and engaged the services of JM Financial for the same.

The stock ended the day at Rs 22.95, up 6.50 per cent, on the BSE.

The hospitality major had outstanding debt of Rs 5,000 core, of which almost Rs 4,000 crore is with the lenders appointed by State Bank of India-led consortium of banks, added the report.

The report further added that apart from its hotel assets, Hotel Leela Venture has also been trying to sell its land parcels in places like Hyderabad and Agra to reduce its debt.