Last Thursday, 22nd Nov, Hotel Leela had hit a new low at Rs.8.61 and starting Monday, it has consistently been hitting the 20% UC. Today too, it opened at Rs.13.60, going on to immediately hit the 20% UC at Rs.15.28.
The stock has been zooming up on reports that a consortium, including Thailand’s Minor International, is considering an investment of about Rs 2.5 billion ($350 million) to acquire a majority stake in Hotel Leela.
The stock exchanges had sought clarification on this news and Hotel Leela replied - the company and the lenders are evaluating various offers, so as to achieve maximization of value of all the stakeholders and there is no binding contract with any investor as on date either for investment in the company or for purchase of company’s assets. We will notify the stock exchanges as and when any binding agreement is finalized.
So till the deal is finalized, we will see major action on this counter.