Hotel Leelaventure today said there is no final agreement with any party to sell its Chennai hotel, though negotiations are on to sell the property in coordination with JM Financial.
The company received shareholders’ nod for the ‘sale of hotels in Delhi/ Chennai’ in September 2016, Hotel Leelaventure said in a filing to BSE.
“The company in coordination with JM Financial Institutional Securities has been in negotiations to sell the Chennai hotel. However, the company has not entered into any binding agreement with any party, till date,” it added.
The hospitality chain was reacting to a media report that Marigold Capital and Investments has agreed to buy the company’s Chennai property.
“The company and its senior management continue to evaluate proposals and would inform the bourses at an appropriate time”, Hotel Leelaventure said.
Shares of Hotel Leelaventure were trading at Rs 24.05 per scrip in afternoon trade on BSE, up 2.56 per cent from the previous close.