Hotel Leelaventure that was recently acquired by Canadian investment fund Brookfield Asset Management is reportedly seeking a nod from its shareholders.

According to a regulatory filing, the company is seeking approval from its shareholders to sell four of its hotels in Delhi, Bengaluru, Chennai and Udaipur, “for sale of the Company’s Hotel Operations Undertaking and approval for sale of the company’s shareholding in Leela Palaces and Resorts Limited, a wholly owned subsidiary of the Company.”

The company said that its board has approved the selling of their hotels in Delhi, Bengaluru, Chennai and Udaipur and a property in Agra for a total of INR3,950 crore ($576.41m).

Story continues below
Advertisement

Leela venture explained that they entered the binding agreement with the Canadian company to sell the properties by a slump sale.