Hotel Leela Soars Nearly 12% on Asset Sale Plan

Posted By: Religare
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Shares of country's leading luxury hotel chain Hotel Leela Venture surged nearly 12 per cent in intra-day trade on Bombay Stock Exchange (BSE) after the company unveiled plan to sell assets to reduce debt bruden.

The company in a statement said that it has decided to commence the process for sale of its hotels in Goa and Chennai and has engaged JM Financial Institutional Securities Limited for the same.

Hotel Leela Soars Nearly 12% on Asset Sale Plan

Cheering the news, shares of company gained as much as 11.83 per cent in intra-day trade to Rs 24.10 a piece on the BSE.

In a similar trend, shares of the company advanced as much as 8.39 per cent to Rs 23.25 a piece on National Stock Exchange.

Meanwhile, the broader benchmark Sensex was quoting at 29,432.13, down 27.01 points or 0.09 per cent at 11.30 hours.

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