Key Quantitative Figures

  • Total Shares Offered: 57,05,412 fully paid-up equity shares
  • Face Value: ₹10 per share
  • Issue Price: ₹41 per share (including premium of ₹31 per share)
  • Total Issue Size: ₹24,00,00,000 (Twenty-Four Crore)
  • Rights Entitlement Ratio: 34 rights equity shares for every 100 equity shares held
  • Record Date: November 18, 2026

Issue Schedule

  • Last Date for Credit of Rights Entitlements: November 20, 2026
  • Issue Opening Date: November 25, 2026
  • Last Date for On-Market Renunciation: December 1, 2026
  • Issue Closing Date: December 4, 2026 (extendable by board up to 30 days)
  • Finalization of Basis of Allotment: December 7, 2026
  • Date of Allotment: December 7, 2026
  • Date of Credit of Rights Equity Shares: December 8, 2026
  • Date of Listing: December 8, 2026

Parties Involved

  • Registrar to Issue: Bigshare Services Pvt Ltd
  • Banker to Issue: ICICI Bank Limited
  • Monitoring Agency: Brickwork Ratings India Private Limited
  • Legal Advisor: Makarand M. Joshi & Co.
  • Designated Stock Exchange: BSE Limited

Objects of Issue Utilization (Net Proceeds up to ₹22.75 crore after expenses)

1. Conversion of Unsecured Loans (up to ₹13.88 crore): Adjustment against loans from promoters/promoter group directors including:

  • Vijay Shankar Tripathi (Promoter Group): ₹3.61 crore
  • Krisma Investments: ₹3.02 crore
  • Bela Naishadh Desai: ₹1.63 crore
  • Value Line Advisors: ₹1.23 crore
  • Vedika Chaubey (Specific Investor): ₹4.39 crore

2. Kandivali Redevelopment Project Working Capital (₹4.69 crore):

  • Advance rent deposit with SRA: ₹1.65 crore
  • Rent payments to slum dwellers: ₹2.25 crore
  • LOI scrutiny and land premium: ₹0.79 crore

3. General Corporate Purposes (₹4.18 crore): Day-to-day business requirements

4. Issue Expenses (up to ₹1.25 crore): Including advisory fees, printing, BSE fees, registrar fees

Capital Structure Impact

  • Pre-Issue Paid-up Capital: 1,67,80,626 equity shares (₹16.78 crore)
  • Post-Issue Paid-up Capital: 2,24,86,038 equity shares (₹22.49 crore)
  • Securities Premium Account: Increases from ₹53.17 crore to ₹70.85 crore
  • Dilution: 34% increase in share capital assuming full subscription

Promoter Participation

Promoters have expressed intention to:

  • Renounce rights entitlements in favor of promoter group/specific investors
  • Subscribe to unsubscribed portion subject to minimum public shareholding requirements
  • Convert outstanding loans against application money (no fresh cash inflow from promoters)

Risk Factors Disclosed

40+ risk factors including project execution risks, real estate market dependence, regulatory approvals, cost overruns, and capital intensive nature of business.

Financial Information

Based on audited financials as of March 31, 2026:

  • Total Income from Operations: ₹2.10 crore
  • Net Loss after tax: ₹0.39 crore
  • Net Worth: ₹33.63 crore
  • Basic EPS: -₹0.24

Important Conditions

  • No withdrawal of applications permitted after issue closing date
  • Specific investors must apply by 11:00 AM on issue opening date with no withdrawal allowed
  • All allotment in dematerialized form only
  • Fractional entitlements ignored but preference given for one additional share

Certifications

Company confirms no wilful defaulters or fraudulent borrowers among promoters/directors. No material pending litigation against company or directors.