Leela palace, one of the leading hotel brands was looking down the barrel. After the disastrous period in the year 2009, the hotel industry has now started booming. Due to the attractive room rates, the hotel lobbies are full of foreigners and corporate bigwigs sponsoring one meeting to another. According to the sources at www.propertykhazana.com, it has encouraged many people to work towards the shares in the company. The promoters have increased the level from 53% to 56%, thus showing their loyalty to the company.
FMCG giant ITC by its 100% credits has increased the shares in the company to 6% in the September quarter. As per the sources saying at www.propertykhazana.com it also actually held around 5% in the company in the quarter of June. Interestingly, ITC is in the race to obtain various stakes in the East India Hotel.
The Leela Hotel is a vital part of the ITC plans to become an unquestionable leader in the hospitality industry. The company is planning to cash in on the outstanding INR 350 Crores through the foreign currency convertible bonds and they will decide on obtaining the funds by January 16. The bonds are due on September 2010. The company will choose between external borrowings and internal borrowings. The company has two types of FCCB’s; the other is for INR 471 Crores and this will due in the month of March 2012. For more interesting updates, please visit www.propertykhazana.com.
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