Board Meeting Details

The Board of Directors meeting commenced at 04:00 PM and concluded at 05:30 PM on August 10, 2026.

Key Agenda Items Approved

A. Unaudited Financial Results for Quarter Ended June 30, 2026

The Board approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The financial results along with Limited Review Reports dated August 10, 2026 issued by the statutory auditors were placed before the Board. These results are being uploaded on the company website www.embassyindia.com and will be published in newspapers as per Regulation 47 of SEBI LODR Regulations.

B. Fund-Raising via Preferential Issue of Convertible Warrants

The Board approved a fund raise through preferential issue on private placement basis for cash consideration aggregating up to ₹362.62 crore (₹3,62,61,82,539) comprising 3,25,18,900 unlisted warrants convertible into equivalent number of equity shares of face value ₹2 each.

Key Terms:

  • Exercise Price: ₹111.51 per warrant (including premium of ₹109.51)
  • Allottee: Embassy Property Developments Private Limited (Promoter Group member)
  • Purpose: Repayment of shareholder debt and general corporate purposes
  • Requires shareholder approval at ensuing Annual General Meeting
  • Warrants and resulting equity shares subject to lock-in as per SEBI ICDR Regulations
  • Promoter Group voluntarily committed to exercise and convert all warrants within 6 months from allotment (vs. maximum 18 months permitted)
  • Exercise price represents ~80% premium over minimum price determined under SEBI ICDR Regulations

Post-Allotment Impact:

  • Embassy Property Developments' holding will increase from 19,37,92,592 shares (13.94%) to 22,63,11,492 shares (15.90%)
  • Promoter Group aggregate holding will increase by 1.31% (from 42.65% to 43.96%)

C. Appointment of Senior Management Personnel

The Board approved the appointment of Mr. Neel Virwani (member of Promoter Group) as senior management personnel in terms of Regulation 16(1)(d) of SEBI LODR Regulations, effective October 1, 2026, subject to shareholder approval at ensuing AGM. The appointment is based on recommendation of Nomination and Remuneration Committee and aims to strengthen senior management oversight for expanded development portfolio across multiple geographies including Mumbai Metropolitan Region.

D. Re-appointment of Director

The Board recommended the re-appointment of Mr. Jitendra Virwani (Chairman & Non-Executive Director and Promoter) who retires by rotation at the ensuing AGM. The re-appointment is on existing terms already approved by members at Extraordinary General Meeting held on March 25, 2025.

Financial Results Summary

Standalone Results (Quarter Ended June 30, 2026):

  • Total Income: ₹271.16 million
  • Loss before tax: ₹(895.71) million
  • Loss after tax: ₹(902.88) million
  • EPS: ₹(0.65) basic and diluted
  • Paid-up equity share capital: ₹2,780.07 million (face value ₹2 per share)

Consolidated Results (Quarter Ended June 30, 2026):

  • Total Income: ₹2,412.81 million
  • Loss before tax: ₹(2,376.80) million
  • Loss after tax: ₹(2,344.02) million
  • EPS: ₹(1.69) basic and diluted
  • Includes 184 subsidiaries/joint ventures

Subsequent Events Disclosed in Financial Statements

Corporate Guarantee Matter:

The company had issued conditional corporate guarantee for Sinnar Thermal Power Limited (STPL) which was undergoing Corporate Insolvency Resolution Process (CIRP). NCLAT pronounced judgment on May 04, 2026 allowing company's appeal and dismissing Section 7 application filed by lender. Company is no longer under CIRP.

NCD Issuance:

Subsequent to quarter end, company issued 1,02,000 senior secured redeemable unrated unlisted non-convertible debentures of face value ₹0.10 million each aggregating ₹10,200 million on private placement basis. ₹9,200 million utilized for repayment of existing indebtedness and balance for project expenses, working capital and general corporate purposes.

Subsidiary Changes:

During quarter, Registrar of Companies approved strike off of three non-operational subsidiaries (including stepdown subsidiaries). One foreign subsidiary struck off during quarter.

Share Sale:

Company along with one subsidiary entered Share Purchase Agreement to sell shares in another subsidiary for total consideration ₹1,000 million. Share transfer completed on April 16, 2026.

Land Dispute:

Embassy East Business Parks Limited (subsidiary) facing land resumption order from KIADB dated March 16, 2026. Matter currently before Hon'ble High Court of Karnataka.

ESOP Grants:

During quarter, Nomination and Remuneration Committee approved additional grants of 5,36,798 Stock Options and 3,26,260 Performance Stock Units under ESOS 2025 scheme. 1,94,165 Stock Options lapsed due to employment cessation.

Compliance and Reporting

The notice convening ensuing AGM together with requisite information will be circulated to shareholders and intimated to stock exchanges within prescribed timelines.