With reference to earlier announcement regarding the approval of the Board of Directors of the Company at its meeting held on January 29, 2011 for a "Scheme of Arrangement" between Hotel Leelaventure Limited and Leela Lace Holdings Private Limited and their respective shareholders under sections 391 to 394 and other applicable provisions of the Companies Act, 1956, subject to necessary approvals, Hotel Leelaventure Ltd has now informed BSE that the Board of Directors of the Company at its meeting held on March 05, 2011, has decided not to pursue with the proposed 'Scheme of Arrangement' between Hotel Leelaventure Limited and Leela Lace Holdings Private Limited and their respective shareholders, under sections 391 to 394 and other applicable provisions of the Companies Act, 1956, and instead to execute long term lease agreements for the various plots of land.
Further, the Board decided at the meeting to sell major portion of the commercial office space in Chennai, which is next to the hotel. The Board also decided to enter into a joint development agreement with reputed builders for development of land owned by the Company in Hyderabad and Bangalore for residential / commercial development similar to what the Company has recently done in Pune. The Company expects to get about Rs. 950 crores from these sales / joint development, which would be used for reducing its debt.
The Board also decided to offer upto 14.95% of its enhanced capital by issue of fresh shares to investors.Read More
Sensex
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Sunday, March 06, 2011
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