Sunteck Realty Limited has informed the Exchange regarding Corrigendum to Notice of Annual General Meeting to be held on September 30, 2025
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Sunteck Realty has issued a corrigendum to the notice of its Annual General Meeting scheduled for September 30, 2025 (5:00 PM IST via video conferencing). The correction comes after the National Stock Exchange (NSE) raised observations on the company's plan to issue 1,17,64,705 convertible warrants on a preferential basis to promoters, promoter group, and non-promoters (Item No. 5 of the AGM Notice). The corrigendum updates the 'Objects of the Preferential Issue' table in the explanatory statement. The total estimated proceeds stand at Rs. 499.99 crore, earmarked for: (1) acquisition of land, interest in land, and/or land development rights — Rs. 188 crore, (2) deployment in projects through the company or subsidiaries — Rs. 187.99 crore, and (3) general corporate purposes — Rs. 124 crore. All funds are to be utilised within 18 months of receipt. The corrigendum forms an integral part of the original AGM Notice dated September 6, 2025, and shareholders can vote via remote e-voting or at the AGM.
Shareholders should review the updated use-of-proceeds breakdown before voting on the preferential warrant issue at the AGM. The capital raise of nearly Rs. 500 crore, with a major chunk for land acquisition, signals the company's intent to expand its real estate pipeline, though it also means potential dilution once warrants are converted.