1. Open offer at ₹16.20 closes, consolidating a 52.9% block - The mandatory open offer by Niraj Harsukhlal Sanghavi and PACs for 26% of the expanded capital closed at a final price of ₹16.20 per share, with the acquirers targeting a combined 52.9% stake post-offer. This consolidates a clear controlling bloc at a cost far below the prevailing market price, removing a long-standing shareholding overhang and aligning a large, financially motivated holder with value creation.
2. Inter-corporate investment limit raised to ₹100 crore - The Board approved a ₹100 crore limit for loans, guarantees, and investments under Section 186, subject to shareholder approval via postal ballot. This gives management the headroom to deploy capital into real estate projects and partnerships at a scale that is 4x the company's current net worth, directly enabling the asset-heavy redevelopment strategy.
3. Transcon Businesspark 50% stake acquisition - The Board approved the acquisition of a 50% stake in Transcon Businesspark Private Limited on February 14, 2026. This adds a direct interest in a commercial real estate entity, bringing a revenue-generating asset onto the consolidated books and signalling the start of the post-offer acquisition pipeline.
4. Shraddha Mangalsmruti LLP stake raised from 10% to 50% - The Board approved increasing the company's stake in Shraddha Mangalsmruti LLP to 50% on June 30, 2025. Moving from a passive minority interest to joint control converts a small investment into a consolidatable project vehicle, multiplying the earnings contribution from the underlying development.
5. Avishkar Keval Kunj Redevelopment subsidiary operational - The 93.33%-owned subsidiary Avishkar Keval Kunj Redevelopment Private Limited, acquired in May 2024, reported total assets of ₹322.7 crore and loans from the parent of ₹15.9 crore as of March 2025. The subsidiary is already capitalised at a scale that dwarfs the parent's standalone balance sheet, making its project execution the single largest determinant of near-term consolidated revenue.
6. Lodha Co-operative Housing Society redevelopment in progress - The company holds possession of four flats in the Kalina society with ₹5.95 crore in remaining capital commitments, though share transfers are pending due to a Mumbai High Court dispute. Resolution of the legal hurdle unlocks a fully-funded redevelopment site in a prime Mumbai suburb, converting a contingent liability into development inventory.