Monitoring Agency Report for the quarter ended June 30, 2025
THELEELA · price
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Schloss Bangalore (operator of The Leela hotels) filed its first quarterly Monitoring Agency Report prepared by ICRA Limited, covering the quarter ended June 30, 2025. The company raised Rs. 2,500 crore as fresh issue (net proceeds of Rs. 2,364.4 crore) through its IPO held from May 26–28, 2025, with a total issue size of Rs. 3,500 crore including the offer-for-sale portion. During the quarter, the company utilized Rs. 2,340.9 crore — fully repaying/prepaying Rs. 1,102.5 crore of its own borrowings and Rs. 1,197.5 crore of subsidiary borrowings (Schloss Chanakya, Schloss Chennai, Schloss Udaipur, and TPRPL), along with Rs. 40.9 crore towards issue expenses. The Monitoring Agency confirmed no deviation from the objects stated in the offer document, and implementation is on schedule. Unutilized proceeds of about Rs. 200.9 crore are parked in fixed deposits with SBI (earning 6.25%–6.50%) and in escrow/monitoring accounts.
This is a routine, positive compliance update for retail investors — it confirms IPO funds are being used as promised, primarily for deleveraging, with no misuse or deviation detected. The on-schedule debt repayment is a constructive signal for the company's balance sheet, while the remaining ~Rs. 159 crore (plus Rs. 41.8 crore unpaid OFS) sits in safe fixed deposits, limiting any governance concerns.