55
33)
The terms of Issue to Non-Resident Equity Shareholders / Applicants have been presented under the
“Terms of the Issue” Section of this Draft Letter of offer.
34)
The Issue will remain open for 15 days. However, Our Board of Directors will have the right to extend
the Issue period as it may determine from time to time but not exceeding 30 days from the Issue Opening
Date.
35)
The Equity Shares of Our Company are of face value of Rs.10 /- and the marketable lot is 1 (one) Equity
Share. At any given time, there shall be only one denomination of the Equity Shares.
36)
The Shareholders of Our Company do not hold any warrant, options, convertible loan or any debenture,
which would entitle them to acquire further Shares of Our Company.
37)
Our Company has not re-valued its assets since inception.
38)
No Equity Shares have been allotted / transferred on firm basis or through private placement in the last
three years nor has Our Company bought back its Equity Shares in the last six months.
56
IV. PARTICULARS OF THE ISSUE
OBJECTS OF THE ISSUE
The proceeds of the Issue, after deducting the Issue related expenses (“the Net Proceeds of the Issue”), are
estimated to be approximately Rs. [*] lakhs.
The Net Proceeds of the Issue are proposed to be utilized for financing the following objects:
1.
To meet the Expenses of Development and Construction of Ongoing Project - X’czar;
2.
Part Repayment of Unsecured Loans;
3.
General Corporate Purposes.
The Main Objects and the Objects incidental or ancillary to the Main Object as set out in the Memorandum of
Association of Our Company permits to undertake the existing activities and the activities for which the funds
are being raised through the present issue. Further, we confirm that the activities we have been carrying on until
now are in accordance with the Objects Clause of our Memorandum of Association of Our Company.
The details of proceeds of the Issue are summarized below:
Description
Rs. In Lakhs
Gross Proceeds of the Issue
[●]
Issue related Expenses*
[●]
Net Proceeds of the Issue*
[●]
* To be finalized upon determination of Issue Price
Requirement of Funds
The fund requirement described below is based on the estimates by our management.
Sr.
No.
Description
Rs. In Lakhs
1
To meet the expenses of development and construction of the Ongoing
Project “X’czar”
738.81
2
Part repayment of unsecured loans
1800.00
3
General corporate purposes
[●]
Total
[●]
* To be finalized upon determination of Issue Price
In view of the dynamic nature of the Real Estate industry, our Company may have to revise our capital
expenditure requirements due to variations in the cost structure, changes in estimates and/or external factors,
which may not be within the control of our management. This may entail rescheduling or revising the planned
capital expenditure at the discretion of our management.
In case of variations in the actual utilization of funds earmarked for the purposes set forth above, increased fund
requirements for a particular purpose may be financed by surplus funds, if any, available in respect of the other
purposes for which funds are being raised in this Issue. If surplus funds are unavailable, the required financing
will be through our internal accruals through cash flow from our operations, advances/ sales proceeds received
from customers and/or debt, as required.
In addition, the fund requirements mentioned above are based on the current internal management estimates of
the Company and have not been appraised by any bank or financial institution. These are based on current
conditions and are subject to change in light of changes in external circumstances or costs, or other financial
condition, business or strategy. The Company operates in a highly competitive and dynamic market, and may
have to revise its estimates from time to time on account of new projects that it may pursue including any
industry consolidation initiatives, such as potential acquisition opportunities.
57
The Company may also reallocate expenditure to newer projects or those with earlier completion dates in the
case of delays in the Ongoing project of the Company or completion of Ongoing projects from customer
advances or internal accruals. Consequently, the fund requirements may also change. Any such change in the
plans may require rescheduling of the expenditure programs, discontinuing projects currently planned and an
increase or decrease in the expenditure for a particular project at the discretion of the management of the
Company. In the event the estimated utilization of the proceeds of the Issue in a Fiscal is not completely met,
the same shall be utilized in the next Fiscal Year.
Means of Finance
We propose to fund the objects of the Issue as under:
Particulars
Rs. In Lakhs
Net Proceeds of the Issue
[*]
Total
[*]
Our Company has made firm arrangements of finance through verifiable means towards 75 % of the stated
means of finance for part funding of Project X’czar. In respect of the other objects of this Issue, there is no
requirement for our Company to make firm arrangements of finance through verifiable means towards 75 % of
the stated means of finance, excluding the amount to be raised through the Issue.
Utilization of Funds
We intend to utilize the Net Proceeds of the Issue of Rs. [*] lakhs for financing the Objects of the Issue as set
forth below:
(Rs. In Lakhs)
Estimated Net
Proceeds Utilization
as on March 31,
Sr.
No.
Particulars
Total
Estimated
Cost
Amount
Deployed/
utilized as
on June 30,
2011
Debt funding
pending
disbursement
**
Amount to be
financed from
the Net
Proceeds of the
Issue
2012
2013
1.
To meet the Expenses of
Development and
Construction of
Ongoing Project -
X’czar
4454.70
2432.89
1,283.00
738.81
400.00
338.81
2.
Part repayment of
unsecured loans
1800.00
-
-
1800.00
1800.00
-
3.
General Corporate
Purposes
[*]
-
-
[*]
[*]
[*]
Total Utilization
[*]
2432.89
1,283.00
[*]
[*]
[*]
* To be finalized upon determination of Issue Price
** The Indian Overseas Bank vide its letter dated January 1, 2011 have sanctioned a Term Loan of Rs. 1800.00 lakhs
towards funding for the Ongoing Project X’czar out of which Rs. 517 lakhs has already been disbursed and utilized for
the said project and the balance funds of Rs. 1,283.00 lakhs is expected to be disbursed as per the project
implementation schedule.
Details of Objects of the Issue:
1.
To meet the Expenses of Development and Construction of Ongoing Project – X’czar
Our Company proposes to deploy a part of the proceeds of the Issue towards Development and
Construction of our Ongoing Project i.e. X’czar – Juhu-Vile Parle, Mumbai- Residential Project. We have
already acquired land for this project. We have either obtained or are in the process of obtaining the relevant
regulatory clearances/approvals required to commence the construction and development work for the
project. Further details in respect to the said project, please refer to the section titled “Our Business” and
Dostları ilə paylaş: |