This disclosure, made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, provides an update on the sale of a company-owned land parcel.

Nature of the Event

The company has completed the sale of an immovable property to a government department.

Key Transaction Details

  • Asset Sold: A land parcel admeasuring approximately 21 acres situated at K.R. Puram (Krishnarajapuram Village), Bengaluru East Taluk, Bengaluru Urban District, Karnataka.
  • Buyer: CGST East Commissionerate, Bengaluru, Central Goods and Services Tax Department (CGST), Government of India.
  • Total Sale Consideration: Rs. 914.31 Crores. This amount was finalized and approved by the NLMC (National Land Monetisation Corporation).
  • Execution Date: The Sale Deed was executed on 2nd July 2026.
  • Registration: The Sale Deed was registered with the Appropriate State Local Authority on 2nd July 2026.

Financial Impact and Use of Proceeds

The net amount received from the buyer was Rs. 902.81 Crores, calculated as the total sale consideration of Rs. 914.31 Crores less Income Tax TDS of Rs. 9.14 Crores and NLMC charges of Rs. 2.36 Crores.

This entire net amount of Rs. 902.81 Crores was used to effect repayment of Fund Based borrowings to the company's consortium of lending banks.

Background and Security Release

The land parcel was part of the company's immovable properties that were mortgaged in favour of SBICAP Trustee Company Limited, which acts as the Security Trustee for the consortium of lending banks.

Upon receipt of the payment and the consequent repayment, the lending banks provided "No Objection Certificates". Following the completion of the transaction, SBICAP Trustee Company Limited executed a Release Deed dated 19th June 2026. This deed released the mortgage/charge over the specific 21-acre land parcel, enabling the transfer of a clear and marketable title to the buyer.

Previous Disclosures

The company had previously informed the exchanges of this transaction:

  • On 29th January 2026, regarding the receipt of an Earnest Money Deposit (EMD) from the CGST Department.
  • In its Audited Financial Results for the quarter and year ended 31 March 2026 (submitted on 29 May 2026), the status of this transaction was disclosed in Note No. 13 to the financial statements and Sl. No. 3 of the Independent Auditor's Report.