Shares of Hotel Leelaventure surged as much as 7.7 per cent to hit intraday high of Rs 18.90 on report that the company may sell its 3.85 acre land in Hyderabad’s Banjara Hills later this year.
Business Standard newspaper in a report said the sale of land by Hotel Leelaventure is likely to fetch Rs 150 crore.
The move will help hospitality firm Hotel Leelaventure cut down its massive debt burden which stood at Rs 4,230 crore at the end March 2016.
Meanwhile, Hotel Leelaventure in a presentation submitted to the Bombay Stock Exchange said that it plans to commence work on development of various properties including 250-room property near the Bengaluru airport and hotel-cum-branded residence project in Chandigarh.
Hotel Leelaventure reported a standalone net loss of Rs 228.87 crore for the fourth quarter ended March 31, 2016, against a net profit of 43.96 crore in the year-ago period.
As of 10:41 a.m., shares of Hotel Leelaventure traded 4.27 per cent higher at Rs 18.30 outperforming the Nifty which was 0.24 per cent.