Hotel Leela to use sale proceeds of Chennai, Pune projects to prune debt

20 Sep 2010 Evaluate

Hotel Leela venture is looking to cash in on the growing real estate market in Chennai, as it plans to partly sell and lease its Leela IT Park in Chennai. The property spread across 2.75-lakh sq ft located in Adyar, is expected to fetch Rs 275-300 crore for the company and the deal for partial sale of the property will be finalized in a month.

The proceeds which could be to the tune of Rs 250 crore will be used to clear debt. These moves would enable the company reduce its debt of Rs 2,600 crore by Rs 550-600 crore.

The company will bring in its $60 million (Rs 276 crore) QIP (qualified institutional placement) after its Delhi property opens in October.crackcrack

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