Intimation of withdrawal of credit ratings of Subsidiary - Tulsi Palace Resort Private Limited
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ICRA has withdrawn the credit ratings assigned to Tulsi Palace Resort Private Limited (TPRPL), a wholly-owned step-down subsidiary of the Leela group. The withdrawal covers a non-convertible debenture programme of Rs. 50 crore and a non-convertible bond programme of Rs. 425 crore, totalling Rs. 475 crore. ICRA withdrew the ratings at the company's request because the entire rated debt has been fully repaid with no outstanding amount remaining. The previous rating was [ICRA]A- on Watch with Positive Implications. TPRPL operates a 200-room five-star Leela hotel in Kukas, Rajasthan, and is fully consolidated within the listed entity Schloss Bangalore Limited (now Leela Palaces Hotels & Resorts).
This is a positive development for shareholders — the subsidiary has fully repaid its Rs. 475 crore debt, strengthening the group's balance sheet. Full repayment also means no future interest burden on these instruments, though rating withdrawal is neutral rather than an actual credit upgrade.