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Tuesday, May 25, 2010

Hotel Leela aims to cut debt by Rs 700-900 cr this fiscal

Hotel Leelaventure Ltd, which operates five-star hotels, plans to cut debt by launching a Rs 375 cr share sale to institutions after July, a top official told Reuters.

It is planning to raise an equal amount of funds by issuing foreign currency convertible bonds (FCCBs) in the next two months, which will be used to add capacity, Vice Chairman Vivek Nair said on Tuesday.

Its board late on Monday approved raising up to Rs 750 crore via qualified institutional placement or foreign currency convertible bonds.

"We would like to bring down the existing debt in the books, Nair, also the managing director, told Reuters.

Its total debt, including FCCBs stands at about Rs 2500 crore.

"The QIP will help bring that down, plus our internal accruals will also go towards debt reduction," adding that the company plans to reduce almost Rs 700-900 crore of debt this year.

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