Hotel Leelaventure to sell 15% equity

MUMBAI Hotel Leelaventure Ltd. plans to sell 14.95% equity in the company to raise funds to help reduce debt, the company says in a regulatory filing.

The parent company of Leela Hotels, Resorts & Palaces is also planning to sell some office space near its Chennai hotel and will partner with outside developers on commercial and residential projects in Bangalore and Hyderabad.

In all, Leelaventure expects to raise about 9.5 billion rupees (US$211 million) to pay down debts incurred in the openings of new hotels in Udaipur, New Delhi and Chennai.