Leela Palaces to invest up to ₹185 crore in subisdiary Buildminds

Leela Palaces Hotels & Resorts on Monday said it proposes to invest up to Rs 185 crore in its subsidiary Buildminds Real Estate Private Limited to meet the capital requirements for the construction of an upcoming 5-star hotel in Ayodhya. The investment in Buildminds will be made through subscription to Compulsorily Convertible Preference Shares (CCPS) in one or more tranches over one or more years, the company said in a regulatory filing. "Buildminds is engaged in the development of our 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, depending upon the funding requirements. Being an investment in an existing subsidiary, this will not result in any change in the management control or any economic interest in .