Hotel Leelaventure today said its net loss widened nearly four-fold to Rs 101.88 crore for the first quarter ended June 30, 2012.
The company had posted a net loss of Rs 26.49 crore during the same period of previous fiscal, Hotel Leelaventure Ltd said in a filing to the BSE.
Net sales of the company, however, rose to Rs 138 crore for the June quarter, as compared to Rs 112.03 crore during the same period of 2011-12 fiscal.
During the quarter, the company's total expenses stood at Rs 154.06 crore, as compared to Rs 112.91 crore during the same period of previous financial year.
The company's board, which met today, approved to raise funds up to Rs 1,000 crore through issue of securities on preferential basis or qualified institutional placement in one or more tranches at an appropriate time, the filing said.
The board, also approved allotment of equity shares on preferential basis to a promoter group company for an aggregate value not exceeding Rs 100 crore, including premium, it added.
"After the close of the quarter, promoter group companies have pledged 1.03 crore shares. Hence, the pledged shares of the promoters as on date stands at 19.76 crore shares constituting 50.96 per cent of the outstanding shares of the company," the company said.
Shares of Hotel Leelaventure today closed at Rs 31.45 apiece on the BSE, up 1.94 per cent from their previous close.
The Leela Palaces, Hotels and Resorts is owned and managed by Hotel Leelaventure Limited which was established in 1987 in Mumbai.
