Afcons Infrastructure Limited has informed stock exchanges about receiving a GST demand order from the Tirupati Division GST Authority. The disclosure was made under Regulation 30 of SEBI's Listing Obligations and Disclosure Requirements Regulations, 2015.

GST Demand Order Details

The demand order was issued by the Commissioner of Central Tax Central Goods and Services Tax, Tirupati Division GST Authority under Section 73(9) of the CGST Act, 2017. The company received this order on November 20, 2025.

Financial Implications

The GST demand relates to the proposed reversal of IGST credit availed by the company on import of goods. According to the company's disclosure, the alleged demand involves:

The company noted that the IGST amount in question has already been paid through a TR-6 challan dated February 3, 2022.

Company's Response and Legal Strategy

Afcons Infrastructure has contested the GST authority's order, stating that the proposal for disallowance of Input Tax Credit and levying of interest and penalty is untenable. The company highlighted that while its submissions were recorded, the order fails to provide findings addressing these arguments.

The company plans to pursue appropriate legal remedies, including filing an appeal against the order. Management has stated it does not anticipate any significant impact on the company's financial position, operations, or other activities as a result of this matter.

Disclosure Timeline

The company acknowledged a delay in making this disclosure to the stock exchanges. According to the filing, the delay was unintentional and resulted from inadvertent oversight in disclosing the information within the stipulated timeframe. Afcons Infrastructure has committed to implementing measures to prevent recurrence of such incidents and emphasized its priority on compliance with applicable laws and regulatory requirements.

Regulatory Compliance

The disclosure was made pursuant to SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, along with Regulation 30 of the LODR Regulations. The company's shares are listed on BSE (Scrip Code: 544280) and NSE (Symbol: AFCONS).

Afcons Infrastructure has received a revised substantial acquisition disclosure from Goswami Infratech Private Limited regarding the extension of share pledge arrangements. The revised disclosure, filed on January 7, 2026, follows an earlier submission dated December 24, 2025, and pertains to regulatory compliance under SEBI's substantial acquisition regulations.

Share Pledge Extension Details

Goswami Infratech Private Limited has extended its existing pledge on Afcons Infrastructure shares to Axis Trustee Services Limited, now acting as the common security trustee. The pledge extension became effective on December 17, 2025, and covers the company's entire promoter shareholding in Afcons.

Debenture Security Structure

The pledge secures debentures issued by two entities under a common security arrangement. Goswami Infratech Private Limited issued debentures under a debenture trust deed dated June 26, 2023, while Capespan Investment Private Limited issued debentures under a separate trust deed dated December 15, 2025.

GIPL Debentures Outstanding

Capespan Debentures Outstanding

The Capespan debentures remain unlisted and unrated, with allotment dates of December 18, 2025, for Tranche 1 and December 24, 2025, for Tranche 2.

Security Coverage Analysis

The pledged shares provide varying levels of security coverage for the different debenture series. The security cover ratio demonstrates the relationship between the market value of pledged shares and the outstanding debt amounts.

Fund Utilization Purpose

The borrowed amounts serve specific corporate purposes across both debenture series:

GIPL Debentures proceeds were utilized for:

• Repayment of existing indebtedness of GIPL
• Making inter-corporate deposits or loans to promoter group members for refinancing
• Payment of costs and expenses related to debenture issuance

Capespan Debentures proceeds are designated for:

• Making inter-corporate deposits or loans to GIPL
• Enabling GIPL to repay existing refinance indebtedness
• Compliance with applicable laws including SEBI and RBI requirements

Ownership Structure Context

The disclosure reveals that SP Finance Private Limited and SC Finance and Investments Private Limited collectively own 100% share capital of Goswami Infratech Private Limited. Goswami Infratech, in turn, holds 9,20,72,053 shares in Afcons Infrastructure, representing its entire promoter stake of 25.03% in the infrastructure company.

This revised disclosure consolidates the security arrangement under a common trustee structure, providing unified oversight for debenture holders across both debt instruments while maintaining regulatory compliance with SEBI's substantial acquisition disclosure requirements.