JM Financial up 14% after Brookfield agrees to buy key Hotel Leela assets

Shares of JM Financial surged 14 per cent to Rs 98.70 on the BSE in intra-day trade on the back of heavy volumes after the Hotel Leela Venture agreed to sell four hotels to Canadian investment fund Brookfield Asset Management for Rs 3,950 crore.

As of December 31, 2018, JM Financial Assets Reconstruction Company held 26 per cent stake in Hotel Leela Venture, the shareholding pattern data shows. JM Financial Asset Reconstruction Company is the asset reconstruction and securitisation business of the JM Financial Group.

Hotel Leela Venture on Monday said it has entered into a binding agreement with a