IITL Projects Limited has entered into a strategic investment agreement with Kaamag Private Limited and Maayin’s Real Estate Private Limited to fund an integrated residential township project in Uttar Pradesh. The company plans to deploy up to ₹10 crore across one or more tranches to secure a specific share of the project's saleable inventory.

The agreement, executed on September 30, 2026, and disclosed on October 3, 2026, relates to land situated at Surajmal Road, Mauza Neemgaon, Tehsil Govardhan, District Mathura. IITL Projects will not acquire any equity stake in the land-owning entities but will instead receive rights to a defined portion of the developed land.

Investment structure and returns

In exchange for the investment amount, IITL Projects is entitled to a saleable area of 2,400 square yards, calculated at a rate of 800 square yards per acre over three acres of the project land. The agreement stipulates that upon sanction of the layout plan, the landowners must earmark this area and offer it for sale with priority over other inventory.

The sale period for this designated area runs from September 30, 2026, to March 31, 2028, at a minimum price of ₹50,000 per square yard. Furthermore, the landowners have jointly and severally ensured a minimum return of ₹12 crore on the full investment amount.

Security and exit provisions

To mitigate risk, the landowners are required to deposit original title deeds for approximately three acres of the project land with IITL Projects as security. The agreement includes strict exit clauses: if the landowners fail to sell the company’s area or pay the minimum return, or in the event of a material breach, IITL Projects may terminate the agreement.

Upon termination, the company is entitled to a refund of the actual invested amount along with interest at 16% per annum, less any amounts already received. The disclosure confirms that neither Kaamag Private Limited nor Maayin’s Real Estate Private Limited are related parties to the promoter group, and the transaction does not fall under related party regulations.

What the numbers show

The structure of this deal highlights a debt-like risk profile despite being labeled a strategic investment. By securing a fixed minimum return of ₹12 crore on a maximum investment of ₹10 crore, the effective return over the roughly 18-month sale period implies an annualized yield significantly higher than standard bank deposits. The inclusion of a 16% per annum interest clause on refunds further reinforces that this arrangement functions primarily as a secured financing instrument rather than an equity partnership, given the absence of director nomination rights or capital structure controls.

IITL Projects shareholders unanimously approved the company’s FY26 audited financial statements and the re-appointment of Dr. Bidhubhusan Samal as director at its 32nd Annual General Meeting.

The voting results, filed with BSE Limited on September 18, 2026, confirm that both ordinary resolutions passed with 100% of the votes polled. The meeting was held on September 17, 2026, via Video Conferencing and Other Audio-Visual Means.

Voting Results

A total of 3,590,129 votes were cast out of 4,990,900 outstanding shares, representing a 71.93% turnout. There were no votes against either resolution.

Shareholder Participation

Promoter and promoter group shareholders held 3,580,347 shares and voted all of them in favour of both resolutions. Public non-institutional shareholders held 1,410,553 shares, with 9,782 votes cast (0.69% participation), all in favour. No institutional public shareholders voted.

Of the 1,125 shareholders on record as of September 10, 2026, 98 attended the meeting virtually. This included one promoter shareholder and 97 public shareholders.

Key Resolutions

Members approved two ordinary resolutions:

Dr. Samal retires by rotation at this AGM and offered himself for re-appointment, which was approved by the members.

Chairman's Address

The Chairman briefed members on challenges in the global and Indian economy, specifically within the real estate sector. He provided an update on the company's performance during FY25-26 and highlighted opportunities explored by the management.

Voting Process

Remote e-voting was available from September 14, 2026, to September 16, 2026. Ms. Chandanbala O. Mehta served as the Scrutinizer for the voting process. The voting results were filed with the stock exchange upon receipt of the Scrutinizer's Report.