Leela Palaces Hotels & Resorts Limited has submitted its Monitoring Agency Report for the quarter ended June 30, 2026. The report, prepared by ICRA Limited, indicates that the utilization of the Initial Public Issue (IPO) proceeds has been in line with the objects of the issue, with no deviation observed. This confirms the company’s adherence to the planned use of funds.
Monitoring Agency Report Submitted for Q1 FY2027
Leela Palaces Hotels & Resorts Limited has formally communicated its Monitoring Agency Report for the quarter ended June 30, 2026, to the stock exchanges. This report is a mandatory submission as per SEBI regulations, ensuring transparency in the utilization of funds raised through the company’s Initial Public Offer (IPO).
No Deviation in Fund Utilization
The report, prepared by ICRA Limited, the appointed Monitoring Agency, confirms that the utilization of IPO proceeds aligns with the disclosed objectives. Specifically, under the section detailing ‘Deviation from the objects of the issue’, the agency states: ‘No deviation – The utilization of the issuance proceeds is in line with the objects of the issue.’ This indicates that the company has managed its finances responsibly and in accordance with its initial public offering disclosures.
Key Details of the IPO
The company’s Initial Public Offer, which was an equity share offering, had an issue size of INR 3,500.00 Crore. The net proceeds, after deducting issue-related expenses, amounted to INR 2,364.40 Crore. The identified objects for the utilization of these net proceeds included Repayment/prepayment/redemption of outstanding borrowings, and General corporate purposes.
Progress on Utilization
As per the report, a total of INR 2,497.969 Crore has been utilized from the net proceeds, leaving an unutilized amount of INR 2.031 Crore as of June 30, 2026. The majority of the funds were allocated towards the repayment of borrowings (INR 2,300.00 Crore) and general corporate purposes (INR 64.402 Crore). A small balance of INR 2.796 Crore remains in the monitoring account, which includes unpaid offer-related expenses and interest income.
Implementation of Objects
The report also highlights that the implementation of the objects is proceeding as scheduled. The repayment of borrowings is slated for Fiscal 2026, while general corporate purposes are expected to be completed by Fiscal 2026-2027, with both being on schedule.
Source: BSE
