Hotel Leelaventure

The memorandum and articles of association of the company stands amended pursuant to change of name of the company, it added

In April, the board of Leela had floated an ordinary resolution for sale of assets - which included hotel properties in New Delhi, Bengaluru, Udaipur and Chennai - to Brookfield for Rs 3,950 crore

Regulator looking at issues flagged by minority shareholders

The tribunal on Tuesday adjourned the Hotel Leela insolvency case to July 8, even as Leela's counsel was seeking a four-month adjournment in the matter

The shareholders also gave their nod to the sale of the company's hotel operations undertaking

On March 18, Hotel Leelaventure had announced the sale of its four hotels located in Bengaluru, Chennai, Delhi and Udaipur

By the end of the deal, Leelaventure would be a debt-free company, a source said

On March 18, Hotel Leelaventure Ltd had announced sale of its four hotels located in Bengaluru, Chennai, Delhi and Udaipur, and a property to Canadian investment fund Brookfield for Rs 3,950 cr

Hotel Leelaventure said the total interest outstanding as on date is Rs 138 million and principal redemption amount outstanding as on date is Rs 4.5 billion

Hotel Leelaventure has a debt of over Rs 36 billion

Shares of Hotel Leelaventures ended 1.46 per cent down at Rs 16.90 apiece on BSE

Concerns over their high valuations have kept the conclusion of the deal at bay

This will be the third such sale by the Nair-family led Hotel Leela in five years

Shares of the comapny on Monday settled at Rs 18.45 on BSE, down 1.34% from previous close

Payment relates to land leased by airport operator near Mumbai airport; company is seeking legal advice

The hotel major plans to utilise the proceeds from the sale of Hyderabad land to reduce debt

Land sale could fetch loss-making firm Rs 150 crore, enabling it to bring down its Rs 4,500 cr debt

The 326-room property is built on 4.8 acres owned by the company