LPLeela Palaces Hotels & Resorts544408Routine SEBI update

ICRA monitoring report: no deviation in use of IPO proceeds for Q2 FY2027

The company has shared ICRA's Monitoring Agency Report for the quarter ended September 30, 2026, on how the money raised in its Initial Public Offer has been used.

By ScoutQuest · Wed 14 Oct 2026, 3:33 PM IST · 2 min read

Issue size

INR 3,500.00 Crore

Issue size excluding OFS portion

INR 2,500.00 Crore

Net proceeds

INR 2,364.402 Crore (excluding issue related expenses)

What the update says

The company has submitted to the stock exchanges ICRA Limited's Monitoring Agency Report for the quarter ended September 30, 2026, on the utilisation of the proceeds of its Initial Public Offer (IPO). The report was placed before and considered by the Audit Committee in its meeting held on October 14, 2026.

A monitoring agency is appointed to independently check, quarter after quarter, whether the money raised in an IPO is being spent on the purposes stated in the offer document.

No deviation from the objects

• The report records: No deviation — the utilisation of the issuance proceeds is in line with the objects of the issue.
• The range of deviation is stated as Not Applicable.
• Whether all utilisation is as per the disclosures in the Offer Document: Yes.
• Whether the means of finance for the disclosed objects has changed: No.
• Whether any major deviation is observed over earlier monitoring agency reports: No.

Issue and proceeds figures

• Issue size: INR 3,500.00 Crore, which is also the figure including the OFS portion.
• Excluding the OFS portion: INR 2,500.00 Crore.
• Net proceeds: INR 2,364.402 Crore (excluding issue related expenses).
• The report notes that ICRA has monitored Gross Proceeds of INR 2,500.00 Crore in Q2FY2027.

The issue was an Initial Public Offer of equity shares, with the opening date of May 26, 2025 and closing date of May 28, 2025.

What ICRA based its view on

The report lists the sources it considered: a Peer Reviewed CA certificate, confirmation from management, and bank statements of the proceeds account, escrow account and corresponding bank accounts.

The report also carries a declaration that the monitoring agency does not perform an audit and undertakes no independent verification of the information, certifications and statements it receives.

Other points recorded in the report

• Whether all Government/statutory approvals related to the objects have been obtained: Not Applicable.
• Whether all arrangements pertaining to technical assistance/collaboration are in operation: Not Applicable.
• Whether any favourable events improving the viability of the objects: No.
• Whether any unfavourable events affecting the viability of the objects: No.
• Whether any other relevant information that may materially affect investor decision making: No.

How a retail investor might read this

This is a routine quarterly update from an independent monitoring agency. The key takeaway is that, for the quarter ended September 30, 2026, the agency found the IPO money being used in line with the stated objects, with no deviation flagged. The report does not comment on the quality of the objects of the issue, the appropriateness or reasonableness of costs or spending, or the outcome of such spending.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.

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