Financial Allocation
An amount of up to ₹10 crore has been earmarked from the proceeds of the preferential issue for the acquisition/purchase of suitable land.
Conditions and Process
The proposed land acquisition is subject to multiple conditions:
- Identification of suitable land
- Completion of requisite legal and technical due diligence
- Applicable approvals and permissions
- Compliance with all applicable laws and regulations
Agricultural Land Considerations
In the event that the land proposed to be acquired is classified as agricultural land:
- The Company shall undertake the necessary process for obtaining requisite permission/conversion for non-agricultural (NA) use under relevant laws
- The Company shall make necessary application for NA conversion within the applicable prescribed period
- The acquisition shall be undertaken subject to applicable restrictions and requirements
Contingency Plan
If requisite NA permission/conversion is not obtained or the Company is otherwise not legally permitted to continue holding agricultural land:
- The Company shall take necessary steps to dispose of/sell the said land in accordance with applicable laws
Ongoing Disclosure Commitment
The Company commits to disclose any material developments in relation to the proposed land acquisition in accordance with applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.