Leela Palaces Hotels & Resorts Limited has released the final Monitoring Agency report for the quarter ended March 31, 2026. The report, issued by ICRA Limited, confirms that there have been no deviations in the utilization of the initial public offer proceeds. The funds, totaling INR 2,500 crore, are being utilized in accordance with the objects specified in the company’s offer document, with all major projects remaining on schedule.
Status of IPO Proceeds
Following the conclusion of the fourth quarter of the 2026 fiscal year, ICRA Limited has verified the utilization of the company’s IPO proceeds. The monitoring report highlights that the utilization is strictly in line with the objects of the issue, with no reported deviations in fund application. As of March 31, 2026, the company has successfully utilized INR 2,424.494 crore out of the total INR 2,500 crore monitored proceeds.
Utilization Breakdown
The primary objects for the net proceeds included the repayment and prepayment of outstanding borrowings for the company and its subsidiaries, alongside general corporate purposes. Specifically, INR 1,102.500 crore was allocated to the company, and INR 1,197.500 crore was directed toward wholly-owned subsidiaries, including Schloss Chanakya, Schloss Chennai, Schloss Udaipur, and TPRPL. Additionally, INR 64.402 crore was utilized for general corporate purposes, which included capital expenditure for asset acquisition.
Project Timeline and Financials
The assessment confirms that the implementation of all objects is on schedule, with no delays reported. Furthermore, the company maintains a small unutilized amount of INR 11.104 crore, with a portion of the idle funds generating a return of 6.50% through a fixed deposit with the State Bank of India. The audit committee and management continue to oversee these funds, ensuring compliance with the original investment plan as disclosed in the initial prospectus.
Source: BSE
