Hotel Leela Venture fails to pay quarterly interest on LIC loan; stock falls 6%
Hotel Leela Venture Ltd slipped as much as 5.94 per cent in trade on Monday after the company said that it has missed paying interest on a loan from LIC.
By ET Online | Updated:
NEW DELHI: Hotel Leela Venture Ltd slipped as much as 5.94 per cent in trade on Monday after the company said that it has missed paying interest on a loan from Life Insurance Corporation of India ( LIC) for the past three quarters.
At 09:20 a.m.; Hotel Leela was trading 2.7 per cent lower at Rs 22.90. It hit a low of Rs 22.15 and a high of Rs 23 in trade today.
In a filing to BSE, the firm said it had not been able to pay Rs.22.50 crore towards the first instalment of interest on 31 March and, subsequently, has also not paid the interest which fell due on 19 June and 19 September.
As per media reports, hotel Leelaventure chairman and managing director Vivek Nair said the payment was to be made to LIC.
At 09:20 a.m.; Hotel Leela was trading 2.7 per cent lower at Rs 22.90. It hit a low of Rs 22.15 and a high of Rs 23 in trade today.
In a filing to BSE, the firm said it had not been able to pay Rs.22.50 crore towards the first instalment of interest on 31 March and, subsequently, has also not paid the interest which fell due on 19 June and 19 September.
As per media reports, hotel Leelaventure chairman and managing director Vivek Nair said the payment was to be made to LIC.
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