Date: October 30, 2026

Board Meeting Outcomes

The report discloses the utilization of proceeds from the Initial Public Offer (IPO) that opened on September 04, 2026, and closed on September 09, 2026. The Board of Directors approved the quantum of utilization towards general corporate purposes via resolution dated October 30, 2026.

Financial Results (Fund Utilization)

Gross Proceeds from IPO: ₹3,156.00 million

Issue Expenses: ₹358.08 million

Net Proceeds: ₹2,797.92 million

Utilization during Q2 FY27 (September 30, 2026):

  • Funding Redevelopment Expenses: ₹32.87 million utilized (Total allocated: ₹1,457.18 million). Utilized for payment of Floor Space Index (FSI) charges pertaining to redevelopment projects.
  • Repayment of Borrowings: ₹915.00 million utilized in full (Total allocated: ₹915.00 million). Utilized towards repayment of various term loans, construction finance loans, etc.
  • Future Projects & General Corporate Purposes: ₹172.65 million utilized (Total allocated: ₹425.74 million). Breakdown:
  • Payment to vendors: ₹92.45 million (labor charges, ready-mix concrete, construction materials)
  • Statutory Dues: ₹26.16 million (GSTR-2B payment)
  • Hardship Compensation to Society Members: ₹17.88 million (Project Kaveri)
  • FSI Payment and Interest: ₹36.16 million
  • Issue Expenses: ₹227.39 million utilized (Total allocated: ₹358.08 million). Utilized towards BRLM fees & other IPO expenses.

Total Utilized during Quarter: ₹1,347.91 million

Total Unutilized Amount: ₹1,808.09 million

Deployment of Unutilised Proceeds

The unutilized proceeds were deployed as follows:

  • Monitoring account of the Company - Kotak Bank: ₹1,724.40 million
  • Public issue account of the Company - Kotak Bank: ₹81.94 million
  • Current account of the Company - Kotak Bank (Ac no. 1411197945): ₹3.85 million

Total: ₹1,810.19 million (includes ₹1,808.09 million from fresh issue and balance from interest earned)

Compliance Status

  • All utilization is as per disclosures in the Offer Document (Prospectus dated September 09, 2026)
  • No material deviations from the expenditures disclosed in the Offer Document
  • No change in means of finance for the disclosed objects
  • No major deviation observed over earlier monitoring agency reports
  • No delay in implementation of objects during the reported quarter
  • No favorable or unfavorable events affecting viability of objects
  • No other relevant information that may materially affect investor decision-making

Other Operational Disclosures

Transfer Details:

  • During the quarter, ₹181.19 million was transferred from Monitoring account to current account for object utilization. ₹177.34 million was utilized, leaving ₹3.85 million unutilized in current account.
  • The company took reimbursement of issue expenses amounting to ₹127.00 million from Monitoring account to current account against expenses initially incurred.