India's Leelaventure surges on report of Brookfield stake deal

HLV

03/09/2018 07:44

** Shares of Hotel Leelaventure Ltd  HTLE.NS  soar as much
as 12.8 pct to 18.50 rupees, highest since June 21
    ** Canada's Brookfield Asset Management  BAMa.TO  is in
talks with lender JM Financial Asset Reconstruction Co for
acquiring stake in debt-ridden Leelaventure, the Economic Times
reports https://economictimes.indiatimes.com/industry/services/hotels-/-restaurants/brookfield-in-talks-with-jm-financial-arc-to-acquire-stake-in-hotel-leelaventure/articleshow/65650867.cms
    ** Size of potential deal was not known 
    ** Leelaventure, JM Financial ARC and Brookfield were not
immediately available for comment
    ** >730k shares traded, ~4.4x the 30-day avg
    ** Co has a price/book value of 1.44 vs the sector avg of
4.62
    ** Stock had shed 21.15 pct this year, while rival Taj GVK
Hotels and Resorts Ltd  TAJG.NS  gained 12 pct

 ((arnab.paul@thomsonreuters.com@reuters.net))