Leela Palaces Hotels and Resorts is planning to make an investment of up to Rs 185 crore, in one or more tranches over one or more years, in Buildminds, a subsidiary of the company, by way of subscription to Compulsorily Convertible Preference Shares (CCPS). Buildminds is engaged in the development of its upcoming 5-star Hotel at Ayodhya.
The proposed investment forms part of the company's overall commitment to fund the capital requirements of Buildminds and is intended to support its ongoing business operations, project development activities and long-term growth plans. The investment shall be made in one or more tranches on or before Financial Year 2028-2029, depending upon the funding requirements of Buildminds. Being an investment in an existing subsidiary this will not result in any change in the management control or any economic interest in Buildminds.
Leela Palaces Hotels and Resorts (formerly known as Schloss Bangalore) is India’s largest institutionally owned and managed pure-play luxury hospitality brand.
