Promoters pledge 55.91% stake in Leela Palaces Hotels for USD 500M loan
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Promoters of Leela Palaces Hotels (Project Ballet and BSREP III entities, collectively holding 75.91%) have created a pledge over 18.67 crore shares equal to 55.91% of total share capital under a pledge agreement dated June 24, 2026. Catalyst Trusteeship Limited acts as onshore security agent for lenders including Barclays, Deutsche Bank, Morgan Stanley, MUFG, Nomura, Standard Chartered and Sumitomo Mitsui. The pledged shares are valued at about INR 9,126 crore against a USD 500 million (about INR 4,735 crore) facility, giving a security cover of 1.93 times. Funds will be used for payments to promoter investors, repayment of shareholder loans and transaction costs.
Over half of total share capital is now pledged, raising risk of forced sale if promoters default; loan is for promoter-level purposes, not company use.