According to latest reports, the Hotel Leela venture has announced that it plans to offer 14.95 percent of its equity to "prospective investors" by issue of fresh shares to help cut debt and lower interest costs.

Today, the stock of the Hotel Leela opened at Rs 39.80 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 58.70 and a low of Rs 35.70 on BSE.

Current EPS & P/E ratio stood at 0.93 and 43.21 respectively.

While talking to media, an official from the company said that it aimed to gain as much as Rs 950 crore by selling a property as well as foraying into real estate development and is also planning bringing in a private equity investor to gain up to Rs 600 crore.

The official note issued by the company said, "The firm has also decided against acquiring its currently leased land in Bangalore, Mumbai and Goa against shares, and will instead renew lease agreements on long-term tenure."

On the other hand, the Shares of Hotel Leela have jumped more than a tenth since March 1, when Reuters first broke the story. On Monday, the stock of the company increased 3.08 percent at Rs 40.15 in a weak Mumbai market.