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Hotel Leela Venture Ltd. Company History and Annual Growth Details

1981

- Incorporated in 1981 to set up and operate 5-star hotels, Hotel Leela
Venture entered into acollaboration with Penta Hotels, UK, which was subsequently transferred
to Kempinski Hotels, aEuropean chain of 5-star deluxe hotels, owned by Lufthansa, the German
airline.

- The Company entered into collaboration agreement with Penta Hotels
Ltd. (Penta) for a period of 10 years for sales, marketing & technical
know-how.

- Penta also agreed to provide full marketing support to the hotel
including selling of the hotel by the 3 airline partners of Penta viz.
Lufthansa, Swissair & British Airways.

- 20,02,939 shares to promoters, etc. and 4,27,580 shares without
payment in cash to Lela Scotish Lace Pvt. Ltd. in January/February
1985, 20,69,481 shares were issued at par out of which 70,000 shares to
NRI promoters for cash and 99,481 shares to C.K. Kutty (NRI) without
payment in cash were reserved and allotted.

- Out of the remaining 19,00,000 shares, 6,50,000 shares to NRIs on
repatriation basis and 38,000 shares to business associates of the
Company were reserved and allotted on a preferential basis. The
balance 12,12,000 shares were offered for public subscription during
February 1985 (all were taken up).

1986

- The company set up its first 5-star deluxe hotel, Leela Penta, in
Bombay in 1986. It was renamed Leela Kempinski in 1988, following the
change in its marketing and sales tie-up. It undertook an expansion of
its hotel in Bombay by constructing a tower block comprising an
additional 172 rooms, including suites. Simultaneously, it also
undertook the construction of a new 5-star deluxe resort at Goa which
was part-financed by a rights issue in Sep.'91. Consequent on the
enhancement of facilities and upgradation of standards, aggregate cost
escalated and the financing for the project had to be revised due to
which the company came out with a rights NCDs issue with detachable
warrants aggregating Rs 49.09 crores in 1995.

- 45,00,000 rights equity shares issued at par in prop. 1:1 during
July/August.

1987

- The hotel de-linked itself with Penta & entered into technical,
Sales, and Marketing agreement with Kempinski, hotel S-A Switzerland, a
part of the Lufthanas Chains of hotel.

- The Company undertook to set up a 5-star Deluxe Airport Hotel of
international standards.

- In view of the large scope for occupancy at the International Airport
and in view of the acute shortage of hotel guest room, it was decided
to increase the number of guest rooms from 205 to 282. It was also
decided to add a large banquet hall and conference rooms to the
facilities.

- The hotel was assigned a 5 star deluxe status during the year. In
recognition of this rating, the collaborators, Penta Hotels, Ltd.
assigned the technical sales and marketing agreement in favour of
Kempinski hotels, S.A., Switzerland, both groups being in the Lufthansa
system of hotels.

- The Leela Bombay, was conferred by the Government of India,
Department of Tourism, the highest honour in the hospitality industry
viz. the National Tourism Award for 1997-98 for outstanding performance
in the five star deluxe category hotels in India.

1988

- It was proposed to expand the existing capacity by addition of
another 192 rooms.

- With effect from 15th October, the name of the hotel was changed to
'The Leela Kempinski Bombay' in view of the assignment of the franchise
agreement to Kempinski hotels from Penta hotels.

- 28,00,000 No. of equity shares issued at par to Lela Scottish Lace
Ltd. in conversion of their unsecured loans.

- The Leela Palace, Goa has started its operation in Sep, 1998. The
hotel has been upgraded to a world class beach resort and has been
acclaimed as one of the finest resorts in the world.

1989

- During August, the Company offered 9,00,000-14% secured redeemable
non-convertible debentures of Rs 100 each on 'rights basis' in the
proportion 1 deb.: 10 equity shares held. Only 10,429 debentures were
taken up. The remaining 8,89,571 debentures devolved on the
underwriters.

- These debentures were to be redeemed at a premium of Rs 5 per
debenture in three equal annual instalments of Rs 35 each on the expiry
of 7th, 8th and 9th year from the date of allotment of debentures.

- During August, 59,00,000 Rights shares issued at par in prop. 1:2.
Additional 8,85,000 shares were allotted to retain oversubscription.
Simultaneously, another 2,95,000 shares were issued at par to employees
but only 500 shares taken up. The balance 2,94,500 shares were allowed
to lapse.

1991

- In Sept. 92,92,750 rights shares issued at par in prop. 1:2.
Additional 13,93,912 shares were allotted to retain oversubscription.
Another 4,64,630 shares offered at par to employees but only 7,650
shares taken up. Out of the remaining 4,56,980 shares 4,50,000 shares
taken up by financial institutions and the balance allowed to lapse.

1992

- The Company proposed to add 43 guest rooms at the Leela Beach, Goa.
During the year, the Company concluded negotiations for purchase of a
plot of land adjoining the hotel property at Mumbai for the
construction of a new deluxe all suite hotel consisting of about 200
suites.

1993

- The Company commissioned 60 new rooms at the Leela Beach, Goa and set
up a mini golf course of 9 holes.

- The Hotel has opened a spectacular entertainment outlet, viz.,
'Cyclone-The Club'.

1994

- The Company had issued Warrants to its promoters including friends
and associates on preferential basis. On conversion of the said
Warrants, on 9th November, 30 lakh equity share were allotted at a
premium of Rs 128.14 per share.

- A MOU was entered into with Four Seasons Hotels & Resorts a
international chain of hotels to operate the Leela Palace Bombay at
Andheri Kurla Road.

1995

- The company proposed to enter into business of full fledged money
changers and allied activities.

1996

- The Company allotted 30,00,000 CCP of Rs 100 each.

- The Leela Beach Goa underwent upgradation and refurbishment as per
recommendations of Four Season Hotels & Resorts which would be
marketing and operating the resort.

- The Company also initiated steps to set up a '5' star deluxe hotel at
Bangalore with Four Seasons Hotels & Resorts.

- The Company entered into a management agreement with Four Season
Hotels, Canada, for management of Company's hotels and resorts at
Mumbai, Goa and Bangalore.

- The Company proposed to change its object clause which, the Company
was authorised to carry on the business of power generation and allied
activities and dealing in foreign Exchange and to act as money
changers.

- 1,00,000 - 16% CCP of Rs 100 and 29,00,000 - 17% CCP of Rs 100 issued
on private placement basis.

1997

- The company undertook to set up a beach resort consisting of 300
villas at Goa. Technical services and sales and marketing agreement
was signed with Kempinski hotels S.A. for the project.

- Hotel Leela Venture Limited, incorporated in 1981, to set up and
operate 5-star hotels, entered into a collaboration with Penta Hotels
of UK which was subsequently transferred to Kempinski Hotels, a
European chain of 5-star deluxe hotels, owned by Lufthansa, the German
airline.

- The company set up its first 5-star deluxe hotel, Leela Penta, in
Mumbai in 1986.

- Hotel Leelaventure had signed a 30 year lease agreement with AAI in
February 1996 for 11,000 sq mts of land for expansion of its hotel by
150 rooms.

- HLV will be setting up hotels in the five star deluxe category at
Bangalore, Delhi, Mumbai and Goa.

- The company has also set up a subsidiary company, Leela Hotels Ltd.,
which will promote two greenfield projects.

1998

- Investment Information and Credit Rating Agency (ICRA) has placed the
non-convertible debenture and fixed deposit programmes of Hotel
Leelaventure Ltd. under rating watch.

- The company's Rs 49.1-crore fixed deposit (FD) programme with a
current rating of MAA minus has also suffered the same fate.

1999

- The five star hotel project has been undertaken by the 100 per cent
subsidiary of Leela Hotels Ltd (LHL) on a controversial plot the same
plot was allotted earlier to MS Shoes East Ltd.

- Leela Hotels Ltd, a subsidiary of Hotel Leelventure Ltd, was awarded
an interim relief the Delhi High Court after Leela sought legal
redressal.

- Leelaventure is spreading its wings and has set eyes to build a hotel
in the scenic backwaters of Kerala.

- The lease agreement with LSLL makes it paramount for the company to
get a commercial complex built on the land with an area of 15,000
square meters.

2000

- The Company has allotted balance 80,47,4000 No. of equity shares to
the promoters of the company viz., Leela Scottish Lace Ltd.

- The Company appointed a Dr. K. U. Mada as the Director and Mr Venu
Krishnana as an Executive Director effective from 29th January.

- Mr. M. Narasimhan has resigned as the Director effective from
September 20.

- The Company issued 15630000 Equity shares of Rs 10/- each at a
premium of Rs 21 per share to the promoters of the Company, M/s Leela
Scottish Lace Limited on 6th April, 2000 on fully paid basis.

2001

- Hotel Leelaventure is setting up a five-star deluxe resort property
in the Kannur district of Kerala state. The 100-room property would be
developed by its wholly-owned subsidiary, Vision Hotels, and would be
completed by the end of 2001. The 300-room Bangalore five-star hotel
had a soft launch on 15th July, 2001. In the first phase , 77 guest
rooms are expected to be in commercial operation from August, 2001 and
the rest of the rooms with full compliment of facilities are expected
to be progressively completed by the end of 2001.

- During the year 2001, the company also formed an arrangement for a
joint venture to develop a large commercial complex on the land of
Andheri-Kurla road, Mumbai.

2002

-Dr. Gunter resigns as director of the company

-Board approves the proposal for amalgamation/merger of Leela Hotels witn Hotel Leelaventure

2003

-Ties up with General Hotel Management (GHM) Singapore, the holding company of Aman Resorts, for its Goa property

-Board approves voluntary delisting from Ahmedabad, Bangalore, Cochin, Delhi and Mangalore Stock Exchanges

-Board approves allotment of Non Cumulative Redeemable Preference Shares (NCRPS) of Rs 317.50 million to the Holding Company, Leela Scottish Lace Pvt Ltd.

2004

- Delisting of the equity shares of the Company from Ahmedabad, Bangalore, Cochin, Delhi and Mangalore Stock Exchanges.

2006
-Hotel Leela Venture Ltd. has appointed Mr. V.L. Ganesh as the Chief Financial Officer of the Company with effect from November 01, 2006.
 
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