Leela Palaces Hotels & Resorts has received a monitoring agency report from ICRA Limited for the quarter ended September 30, 2025. The report confirms that the utilization of proceeds from the Initial Public Offer (IPO) is in line with the objects of the issue. ICRA has monitored gross proceeds of INR 2,500.00 Crore in Q2 FY2026.
IPO Proceeds Utilization
A monitoring agency report issued by ICRA Limited confirms that Leela Palaces Hotels & Resorts is utilizing the proceeds from its Initial Public Offer (IPO) in accordance with the stated objectives. The report covers the quarter ending September 30, 2025.
Key Highlights from the Report
- No deviations were noted in the utilization of the IPO proceeds.
- ICRA monitored gross proceeds of INR 2,500.00 Crore in Q2 FY2026.
- As of September 30, 2025, the total unutilized amount stands at INR 136.913 Crore.
Details of Object Monitoring
The report provides a breakdown of the object’s utilization:
- Repayment/prepayment/redemption of outstanding borrowings: INR 2,300.00 Crore (as per offer document).
- General corporate purposes: INR 64.402 Crore (as per offer document).
Deployment of Unutilized Proceeds
The unutilized proceeds have been invested in fixed deposits with the State Bank of India and are maintained in a monitoring account. As of September 30, 2025, the details are as follows:
- Fixed Deposit with State Bank of India: INR 45.000 Crore.
- Fixed Deposit with State Bank of India: INR 40.333 Crore.
- Fixed Deposit with State Bank of India: INR 80.908 Crore.
- Closing Balance in Monitoring Account: INR 0.014 Crore.
The total value of these investments stands at INR 166.255 Crore*. The excess balance of INR 28.946 Crore* corresponds to an unpaid portion of offer-related expenses, and INR 0.396 Crore* corresponds to other credits (including interest income and reimbursement from selling shareholders).
Timeline
The repayment/prepayment/redemption of borrowings and the allocation for general corporate purposes are proceeding according to schedule.
Source: BSE