Fund-Raising Activities Overview
The statement covers five preferential issues:
1. Preferential Issue of Equity Shares (Allotted on 17th July 2025) - ₹6.00 Crores
2. Preferential Issue of Convertible Warrants (Allotted on 29th October 2025) - ₹56.25 Crores (25% upfront consideration)
3. Preferential Issue of Equity Shares (Allotted on 2nd January 2026) - ₹99.43 Crores
4. Preferential Issue of Convertible Warrants (Allotted on 2nd January 2026) - ₹12.50 Crores (25% upfront consideration)
5. Preferential Issue of Equity Shares (Allotted on 4th March 2026) - ₹0.37 Crores
Review and Approval
The statements were reviewed by the Audit Committee and taken on record by the Board of Directors at their respective meetings held on 10th August 2026.
Detailed Fund Utilization Analysis
1. Preferential Issue of Equity Shares (Allotted 17.07.2025)
- Raised Amount: ₹6.00 Crores
- Monitoring Agency: Not Applicable
- Deviation/Variation: No
- Utilization: ₹5.70 Crores utilized as of 30.06.2026
- Object-wise Utilization:
- Investment in real estate projects: ₹4.50 Crores (against ₹4.72 Crores allocated)
- Working capital: ₹0.60 Crores (against ₹0.63 Crores allocated)
- General corporate purposes: ₹0.60 Crores (against ₹0.65 Crores allocated)
- Additional Context: ₹5.70 Crores was utilized during quarter ended 30.09.2025. Original utilization timeline was until 31st October 2025 as approved by shareholders on 2nd May 2024.
2. Preferential Issue of Convertible Warrants (Allotted 29.10.2025)
- Raised Amount: ₹56.25 Crores (25% of ₹225 Crores for 2,25,00,000 warrants at ₹100/warrant)
- Monitoring Agency: India Ratings and Research Pvt. Ltd
- Deviation/Variation: Yes (shareholder approved on 12.12.2025)
- Utilization: ₹8.31 Crores utilized as of 30.06.2026
- Object-wise Utilization with Modified Allocation:
- Acquisition and development of land: ₹8.29 Crores (modified allocation: ₹40.00 Crores, original: ₹54.11 Crores)
- Working capital: ₹0.02 Crores (modified allocation: ₹4.00 Crores, original: ₹6.25 Crores)
- General corporate purposes: ₹0.00 Crores (modified allocation: ₹3.82 Crores, original: ₹3.75 Crores)
- Repayment of NCDs: ₹0.00 Crores (modified allocation: ₹8.43 Crores, original: ₹4.64 Crores)
- Previous Utilization: ₹42.31 Crores utilized in previous quarters (31.12.2025 and 31.03.2026)
3. Preferential Issue of Equity Shares (Allotted 02.01.2026)
- Raised Amount: ₹99.43 Crores (99,43,125 shares at ₹100/share)
- Monitoring Agency: India Ratings and Research Pvt. Ltd
- Deviation/Variation: Yes (shareholder approved on 20.02.2026)
- Utilization: ₹5.85 Crores utilized as of 30.06.2026
- Object-wise Utilization with Modified Allocation:
- Redemption of preference shares: ₹0.00 Crores (modified allocation: ₹30.00 Crores)
- Redemption of NCDs: ₹5.39 Crores (modified allocation: ₹30.00 Crores)
- Working capital: ₹0.00 Crores (modified allocation: ₹20.00 Crores)
- General corporate purposes: ₹0.46 Crores (modified allocation: ₹19.43 Crores)
- Previous Utilization: ₹26.22 Crores utilized in quarter ended 31.03.2026
4. Preferential Issue of Convertible Warrants (Allotted 02.01.2026)
- Raised Amount: ₹12.50 Crores (25% upfront consideration)
- Monitoring Agency: India Ratings and Research Pvt. Ltd
- Deviation/Variation: No
- Utilization: ₹0.00 Crores utilized as of 30.06.2026
- Object: Acquisition and development of land (₹12.50 Crores allocated)
5. Preferential Issue of Equity Shares (Allotted 04.03.2026)
- Raised Amount: ₹0.37 Crores
- Monitoring Agency: Not Applicable
- Deviation/Variation: No
- Utilization: ₹0.00 Crores utilized as of 30.06.2026
- Object-wise Allocation:
- Investment in real estate: ₹0.28 Crores
- Working capital: ₹0.03 Crores
- General corporate purposes: ₹0.06 Crores
Timeline Extensions
Shareholders approved extension of fund utilization timeline until 31st October 2027 for certain issues at the 3rd Extra-Ordinary General Meeting held on 20th February 2026.
Warrant Conversion Status
Of 24,34,786 Convertible Warrants allotted on 5th September 2024:
- 5,35,120 warrants converted to equity on 17th July 2025
- 33,444 warrants converted to equity on 4th March 2026
- 18,66,222 warrants lapsed and forfeited due to non-conversion within 18 months