Hotel Leelaventure to issue 1 crore shares, develop Pune land

Hotel Leelaventure Ltd has announced that the Board of Directors of the Company at its meeting held on July 13, 2010, inter alia, has considered and approved the issue of Equity Shares to the Promoter Group entity on Preferential Basis as per SEBI (ICDR) Regulations, 2009.

The Board has approved allotment of 1,00,00,000 (one Crore) equity shares on Preferential Basis to a Promoter Group entity i.e. Leelalace Software Solutions Pvt. Ltd. @ Rs. 48.50 per share calculated in terms of the SEBI ICDR Regulations based on the 'Relevant Date' as July 10, 2010 being 30 days prior to the date of the Annual General Meeting. The approval of the Members will be sought in the ensuing Annual General Meeting to be held on August 10, 2010 by way of a Special Resolution.

The Board has also decided to enter into a Joint Development Agreement with a reputed local Builder to develop the land in Pune into a premium residential and commercial property.

The stock closed the day at Rs.50.20, up by Rs.0.40 or 0.80%. The stock hit an intraday high of Rs.50.50 and low of Rs.49.75.

The total traded quantity was 313964 compared to 2 week average of 155358.

Source : Equity Bulls

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