Leela Palaces promoters pledge 55.91% stake to secure existing loan facility
This story was originally published at 18:04 IST on 2 July 2026
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AHMEDABAD – Leela Palaces Hotels & Resorts Ltd. said its promoters have created a pledge over 1.87 billion equity shares, 55.91% of the company's equity share capital, in favour of onshore security agent Catalyst Trusteeship Ltd., effective Jul. 1, the company said in an exchange filing. This, the company stated, has been done to secure obligations under an existing financing arrangement.
The company said the pledge was created through an agreement dated Jun. 24 by its promoter entities--Project Ballet Bangalore Holdings (DIFC) Pvt. Ltd., BSREP III Tadoba Holdings (DIFC) Pvt. Ltd., Project Ballet HMA Holdings (DIFC) Pvt. Ltd., Project Ballet Chennai Holdings (DIFC) Pvt. Ltd., BSREP III Joy Two Holdings (DIFC) Ltd., Project Ballet Udaipur Holdings (DIFC) Pvt. Ltd. and Project Ballet Gandhinagar Holdings (DIFC) Pvt. Ltd.
The company said the pledge stems from a facility agreement dated Sept. 19 under which the promoters and promoter group entity BSREP III India Ballet Holdings (DIFC) Ltd. had entered into a borrowing arrangement with certain lenders. The Hong Kong branch of Deutsche Bank AG is the facility agent while DB Trustees (Hong Kong) Ltd. acts as the offshore security agent.
As per the filing, the value of the shares computed on the basis of the closing price of the stock on BSE on Jun. 24, stood at INR 91.26 billion, and the amount against which shares have been encumbered stood at $500 million.
For the March quarter, the company's net profit was INR 1.72 billion on a revenue of INR 4.84 billion. Thursday, its shares closed at INR 476.25 per share on the National Stock Exchange, down 0.8% from Wednesday. End
US$1 = INR 95.39
Reported by Sunil Raghu
Edited by Rajeev Pai
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