Hotel Leela up on 2-year moratorium on loan repayment

Hotel gets 2 years to repay principal amount of Rs 3,000 crore

Shares of Hotel Leelaventure were up nearly 2% on reports that the consortium of lenders have agreed for a two-year moratorium on the outstanding loans.

The lenders have agreed for a 24-month moratorium on outstanding principal amount of Rs 3,000 crore from a consortium of 17 banks and as per the corporate debt structuring package the hotel chain has also been granted a 23-month moratorium on the interest portion too, a business daily reported.

Earlier, the consortium of bankers at the corporate debt structuring meet held on September 12, had asked the hotel major to repay the entire outstanding principal amount over a period of eight years beginning from 2014.

Over 190,000 shares were traded on the both the stock exchanges so far.