Shares of Hotel Leela Venture rose five per cent Tuesday after the company announced sale of four hotels and a property to Canadian investment fund Brookfield Asset Management for Rs 3,950 crore.

The shares of the company jumped 4.96 per cent to close at Rs 11.63, its upper circuit limit, on the Bombay Stock Exchange (BSE).

On the National Stock Exchange (NSE), shares gained five per cent to close at Rs 11.55.

The company entered into a binding agreement with Brookfield-sponsored private real estate fund to sell four Leela hotels located at Bangalore, Chennai, Delhi and Udaipur.

The deal also involves sale of another property it owns in Agra, Hotel Leela Venture said in a BSE filing Monday.

The transaction includes assignment of all hotel management contracts currently in operation as well as all under-development, along with the employees of the hotels, it added.

“The total transaction value is Rs 3,950 crore plus the applicable transaction costs,” the filing said.

JM Financial acted as the exclusive financial advisor to Hotel Leela Venture for this transaction, it said.

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