Please find enclosed the Notice of Postal Ballot
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Awaiting price reaction for this filing.
IITL Projects Ltd has issued a Postal Ballot Notice seeking shareholder approval to extend the redemption deadline of 70,00,000 Zero% Non-Convertible Redeemable Preference Shares (face value Rs.10, total value Rs.35 crore) held by its parent company, Industrial Investment Trust Limited. These preference shares were originally allotted in four tranches in March 2013, and the redemption date was previously extended to March 31, 2026 at Rs.50 per share. The company has stated it is unable to meet this March 2026 deadline and is now seeking to push the redemption further to March 31, 2028, keeping the same Rs.50 per share redemption price. Shareholders can vote through CDSL's remote e-voting platform between December 10, 2025 and January 8, 2026, with results expected to be declared on January 10, 2026.
This indicates the company is facing cash flow or liquidity constraints and cannot meet its preference share redemption obligation as previously scheduled. Since the holding company Industrial Investment Trust Limited is the sole preference shareholder, approval is effectively assured, but the further delay signals continued financial stress on the capital structure. There is no equity dilution, but minority equity shareholders should note the repeated extensions on a Rs.35 crore instrument.