The firm which owns, operates and manages hotels, palaces and resorts, is likely to hive off the properties into separate entities and sell 74 per cent stake to a foreign investor. Leela will retain 26 per cent stake and continue to manage the five-star hotels.
"The group is in discussions with various investors and continues to evaluate the proposals," Leelaventure said.
In a filing to the BSE earlier this week it had said: "The company is in discussion with various investors and lenders, for raising funds to meet debt servicing obligations".
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