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Hotel Leela gains; property sale to reduce debt
February 19, 2013 / 6:18 AM / in 5 years

Hotel Leela gains; property sale to reduce debt

Reuters Market Eye - Hotel Leelaventure(HTLE.NS) shares rise 9 percent, a day after the company sold its IT park building in the city of Chennai for 1.7 billion rupees to Reliance Industries, according to an exchange filing.

A man fishes in front of the under-construction Hotel Leela, facing the backwaters of Bay of Bengal, near the coastal area of Chennai June 14, 2012. REUTERS/Babu/Files

Traders say the hotel operator will be able to reduce debt, a critical factor given higher interest costs led Hotel Leelaventure to post a net loss of 970 million rupees in the October-December quarter, despite what analysts called a better-than-expected top line performance.

Reporting by Manoj Dharra

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