1. Variance in Object No.1 and Object 3 of Issue 2. FIxing Cut Off Date for the prupose of dispatch of Postal Ballot Notice 3. Availaing E Voting facillties from CDSL 4. Appointment ....
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The Board of Directors approved three major changes to the IPO prospectus. First, the Mathura hotel project scope is being expanded from 60 rooms to 105 rooms with banquet facility, increasing total project cost from Rs. 3,250 lakhs to Rs. 4,900 lakhs. Second, civil contractor Kesar Construction is being replaced by Moonwalk Infraprojects Pvt Ltd due to performance failures including missed milestones and substandard work. Third, the Rs. 700 lakh IPO proceeds allocated for the Parsili wildlife resort are being reallocated to a new Sheopur Fort Heritage Hotel project (60 rooms, 2 banquet halls) near Kuno National Park, as the Parsili project faces indefinite regulatory delays for wildlife sanctuary clearance. Additionally, the borrowing limit is being increased to Rs. 70 crore. All changes require shareholder approval via postal ballot.
The project expansion increases capital requirements and debt exposure significantly. Reallocation of IPO funds removes regulatory risk from the Parsili project but redirects capital to a new heritage hotel venture. Shareholders should note the revised total project cost of Rs. 49 crore and additional debt requirement.