Net Loss of Hotel Leela Venture reported to Rs 66.69 crore in the quarter ended June 2018 as against net loss of Rs 23.64 crore during the previous quarter ended June 2017. Sales rose 4.55% to Rs 156.20 crore in the quarter ended June 2018 as against Rs 149.40 crore during the previous quarter ended June 2017.

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Hotel Leela Venture will hold a meeting of the Board of Directors of the Company on 13 August 2018.

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Hotel Leela Venture announced that the company had issued Secured Redeemable Non-convertible Debentures on Private Placement Basis aggregating to Rs.90 crore to LIC of India in December, 2008.

The company has defaulted in payment of quarterly interest of Rs. 2.12 crore which was due on 19 June, 2018.

Further, the total interest outstanding as on date is Rs.12.14 crore and principal redemption amount outstanding as on date is Rs.45 crore.

The company's operating cash flows are not sufficient to service its term loans and NCDs and the funds of the Company are escrowed with its lenders and are also monitored by the lenders. The Company is pursuing with the lenders for Debt restructuring.

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The announcement was made after market hours yesterday, 11 June 2018.

Meanwhile, the S&P BSE Sensex was up 189.46 points, or 0.53% to 35,672.93.

On the BSE, 2.59 lakh shares were traded in the counter so far compared with average daily volumes of 99,000 shares in the past two weeks. The stock had hit a high of Rs 18.35 and a low of Rs 17.70 so far during the day. The stock hit a 52-week high of Rs 25.40 on 5 September 2017. The stock hit a 52-week low of Rs 16.50 on 23 March 2018.

Hotel Leela Venture reported net loss of Rs 15.80 crore in Q4 March 2018 as against net profit of Rs 52.14 crore in Q4 March 2017. Net sales rose 5.10% to Rs 206.44 crore in Q4 March 2018 over Q4 March 2017.

The Leela Palaces, Hotels and Resorts is owned and managed by Hotel Leela Venture.

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