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The promoters of Hotel Leela are increasing their stake in the company through open market transactions. The promoters currently own 52.5%. Hotel Leela, MD - Mr. Vivek Nair told Business Line that the promoters are looking to raise their stake to 55%. This move comes after ITC, through its 100% subsidiary Russel Credit raised its stake in Leela to 5.11% from 4.17% in the quarter ending Sept. The promoters have bought the stakes through their investment companies. Leela Lace Software Solutions Pvt Ltd bought 0.2% stake on Dec 17 to take its stake to 1.14%. Leela Lace Holdings acquired 0.59% stake taking its share in the company to 49.93% as on Dec 16. It acquired 22.22 lakh shares on Dec 8 and 9, of this 19.19 lakh shares were bought from HDFC. Banks, financial intitutions anad Insurance companies held 6.71% as on Sept 30,2009. FII's hold 3.18%, while 23.54% is with the generL public. Leela is also planning to redeem the outstanding $74 Mn FCCB soon and will decide on funding options by Jan 15. These bonds will be due in Sept 2010. Leela has one more series of FCCBs worth $100 Mn which will be due in March 2012. As on March 31, 2009, Leela bought back and cancelled 23.7% of the outstanding €51.40 Mn bonds amounting to €12.20 Mn. It also bought back and cancelled $33 Mn constituting 33% out of its $100 Mn bonds. The amount of bonds outstanding after this repurchase is €39.20 Mn and $66.6 Mn, according to information on BSE.The redemption premium payable on maturity on the Euro FCCBs is 25.5% whereas for the dollar bonds it is 46.61%. Founded in 1957 by Capt. C.P. Krishnan Nair, the Rs.450 crore Leela Group is engaged in the business of ready-made garments and luxury hotels and resorts.
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