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Market Rumors

Friday, June 22, 2007

Hotel Leela Ventures to hive off one of its non-core business, puts arm Leela Laces on the block, in talks with buyers for Leela Laces

Market sources inform that Hotel Leela Ventures is looking at hiving off one of its non-core businesses & has appointed investment bankers for the same. Hotel Leela has put Leela Laces on the block. Leela Laces is an unlisted subsidiary of Hotel Leela. Leela Laces has annual turnover of Rs 400-450 crore.

Management of Hotel Leela is said to be currently in talks with potential buyers. Bombay Rayon is rumoured to be the frontrunner.

However the management says Leela Laces is not on the block. Whenever it happens we will make a formal announcement to the stock exchanges, it adds.

IFCI close to selling Malvika steel plant; Likely to fetch Rs 200-220 Cr

IFCI is close to selling Malvika steel plant and is likely to fetch Rs 200-220 crore, according to sources. The floor price for sale is Rs 195 crore and the deal works out to Rs 3-3.50/sh.

Posted by FR at 11:54 PM  


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