Leela Palaces Hotels promoters encumber 75.9% stake to secure $500 million loan

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26 Aug, 2025 12:21

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Leela Palaces Hotels & Resorts Ltd said its promoters have encumbered their entire holding of 25.35 crore shares, representing 75.91 percent of the company’s equity, to secure a term loan facility of up to USD 500 million. The encumbrance became effective on September 19, 2025, under a facility agreement with a consortium of lenders.

The promoters — 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 — executed the agreement through their holding company, BSREP III India Ballet Holdings (DIFC) Ltd.

A charge has been created on 100 percent of the issued share capital of each promoter entity in favour of DB Trustees (Hong Kong) Ltd, acting as the offshore security agent, with Deutsche Bank AG, Hong Kong Branch as agent. Other lenders to the facility include Barclays Bank PLC, Deutsche Bank AG (Singapore Branch), Morgan Stanley Bank N.A., MUFG Bank Ltd (Singapore Branch), Nomura Singapore Ltd, Standard Chartered Bank (Singapore) Ltd, and Sumitomo Mitsui Banking Corporation (Singapore Branch).

The loan proceeds are earmarked for payments or distributions to the promoters’ investors, repayment of shareholder loans of the promoters, and transaction costs tied to the facility.

Details of encumbered shares:

• Project Ballet Bangalore Holdings (DIFC) Pvt Ltd – 15,29,96,805 shares (45.81%)
• BSREP III Tadoba Holdings (DIFC) Pvt Ltd – 4,37,18,481 shares (13.09%)
• Project Ballet HMA Holdings (DIFC) Pvt Ltd – 1,96,33,814 shares (5.88%)
• Project Ballet Chennai Holdings (DIFC) Pvt Ltd – 1,63,34,180 shares (4.89%)
• BSREP III Joy (Two) Holdings (DIFC) Ltd – 1,12,81,396 shares (3.38%)
• Project Ballet Udaipur Holdings (DIFC) Pvt Ltd – 66,87,985 shares (2.00%)
• Project Ballet Gandhinagar Holdings (DIFC) Pvt Ltd – 28,45,443 shares (0.85%)