An Investment Firm to Acquire Majority Stakes in Leelaventures Ltd.
The securitization and reconstruction firm JM Financial Asset Reconstruction Co. has reportedly been planning lately to acquire majority stakes by converting a part of the debt to equity in the popular Leelaventure Ltd. According to the reports, Leelaventure’s board has approved an enabling resolution and the deal has been confirmed on Monday.
Earlier the investment firm had a stake of 26% in the holding company Mumbai-based hotel chain, but after the completion of the deal JM financial will hit the stake percentage of 75% that is the majority stake in the firm.
The board of the holding firm has given its consent for issuing up to 125 crore equity shares with the face value of Rs 2 each in one or more tranches to JM financial.
JM Financial Asset Reconstruction Company Limited is t...