The share price of Hotel Leela Venture was locked at 5 percent upper circuit after the company decided to sell its hospitality and hotel operations business on slump sale basis to Brookfield.
There were pending buy orders of 1,059,544 shares, with no sellers available.
The company in its BSE release said that it has approved the execution of a Framework Agreement with BSREP III India Ballet Pte. (Brookfield) for sale and transfer of four hotels properties in Bangalore, Delhi, Udaipur and Chennai on a slump sale basis as a going concern for Rs 3,950 crore.
It also includes the hospitality and hotel operations business of the company and 100 percent shareholding of the company in Leela Palaces and Resorts that owns property and holds licenses for the development of a hotel in Agra.
At 11:03 hrs Hotel Leela Venture was quoting at Rs 11.63, up Rs 0.55, or 4.96 percent on the BSE.