Hotel Leela Venture Ltd on Monday announced that it has decided to obtain shareholders approval for raising funds up to Rs 1,000 crore by way of QIP, FCCB and other instruments in one or more tranches.

The hotel chain also announced its financial results for the 2010-11 fiscal. It has reported 7 per cent drop in its net profit for the 2010-11 fiscal at Rs 37.84 crore against Rs 41.02 crore in the previous fiscal.

Its total income for the fiscal grew 17 per cent to Rs 525.82 crore from Rs 449.18 crore in the previous fiscal.

Outlook

Commenting on the results, Captain C.P. Krishnan Nair, Chairman, Hotel Leelaventures Ltd, said that the revenue and EBITDA of the company is expected to go up by about 45 per cent in the financial year 2011-12 with the improved performance of existing hotels and addition of The Leela Palace, New Delhi.

The company did not share its financial results for the quarter. However, according to calculations based on the previous three quarter results, Hotel Leelaventure Ltd had a net profit of Rs 11.31 crore in the fourth quarter, a growth of 20 per cent over Rs 9.37 crore in the corresponding quarter last year.

The company's scrip closed 1.98 per cent lower at Rs 39.70 on the BSE on Monday.

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