The aforesaid consent has been received from the preference shareholders holding 100% in value of the said class of shares, which is in excess of the threshold prescribed under the applicable ....
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The Board approved the redemption of 8,00,000 (Eight Lakh) 2% Cumulative Preference Shares of ₹100 each (total face value ₹8 crore), to be carried out in one or more tranches. Consent was received from 100% of preference shareholders for modifying the terms attached to these shares to enable the redemption. The Board also authorised the management to begin the process of paying accumulated cumulative dividend on these preference shares, with the final declaration to be considered at a future board meeting. Additionally, a loan of ₹75 lakh was approved in favour of Harcreage Real Estates Private Limited. The meeting was held on March 12, 2026, via video conferencing.
This is a capital restructuring move that simplifies the company's capital structure by retiring ₹8 crore worth of preference shares and clearing accumulated dividend obligations. Existing equity shareholders may view this neutrally, as it does not directly affect equity capital but reduces future dividend payouts to preference shareholders.