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Hotel Leela Venture doubles on talk of Thailand co stake deal

Hotel Leela Venture rallied 107 percent in four consecutive sessions, though the company said it had still been evaluating various offers and not reached to any conclusion.

November 29, 2018 / 02:05 PM IST
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Hotel Leela Venture stock continued its run for fourth consecutive session on Thursday after a media report last week indicated that Thailand company is eyeing major stake in the hotel chain.

The stock was quoting at Rs 17.25, up Rs 1.97, or 12.89 percent at 13:38 hours IST. It rallied 107 percent in four consecutive sessions, though the company said it had still been evaluating various offers and not reached to any conclusion.

A consortium including Thailand’s Minor International and Trinity White City Ventures plans to invest about Rs 2,500 crore (or $350 million) in Hotel Leela Venture, sources told Bloomberg last week.

The proposed bid includes a mix of equity and debt, the report said, adding that if the deal goes through, the consortium would end up acquiring a majority stake in the Mumbai-based hospitality firm.