Mumbai: Hotel Leelaventure on Monday said its board will meet on June 11 to approve an issue of up to 125 crore shares on a preferential basis to JM Financial Asset Reconstruction Company for converting part of its debt into equity.

On June 30, 2014, the erstwhile corporate debt restructuring lenders with exposure of 95.6 per cent had assigned their debt to JM Financial Asset Reconstruction Company Ltd and one lender with exposure of about 1 per cent to Phoenix ARC Private Ltd.

The company had recently said that it has been evaluating various options for viable restructuring, including the sale or monetisation of non-core assets, sale of hotels, equity infusion and debt refinancing by investors. It added that it expected the restructuring to include certain concessions in interest and repayment terms.

The shares of Hotel Leelaventure Ltd closed at Rs 17.40 on the BSE on Monday, up 0.58 per cent from the previous close.