Hotel Leela has clarified that neither is it up for sale, nor are there plans to bring in a strategic investor. CNBC-TV18 reports that the company has shut its doors as far as negations with ITC were concerned saying there isn't any synergy between the two hotels.
The Leela promoters, who have 55% stake in the hotel, will use the creeping acquisition route to further strengthen its stake holding, managing director and vice chairman Vivek Nair said.
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The company, he said, will look at taking a QIP issue in April 2011, which will dilute promoter holdings. The hotels debt currently stands at Rs 3,000 crore, 30-40% of which will be reduced in a span of three-years.
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