Modi's Navnirman Limited celebrated a key milestone with the successful Bhoomi Poojan ceremony for its upcoming residential project Rashmi Icon on February 6, 2026. The ceremony marked the formal commencement of construction for this mixed-use development located at Shankar Gully, Orlem, Malad West, Mumbai.

Project Overview

Rashmi Icon represents a thoughtfully planned mixed-use development designed to become a modern lifestyle landmark in the Malad West neighborhood. The project specifications demonstrate the company's focus on comprehensive community living.

Management Commentary

Mr. Mahak Modi, Whole-Time Director & Chief Financial Officer of Modis Navnirman Limited, emphasized the project's significance during the ceremony. He stated that Rashmi Icon reflects the company's commitment to building future-ready urban communities, with focus on delivering well-designed homes, strong construction quality, and meaningful amenities that add long-term value to residents and the surrounding neighborhood.

Project Features

The development is designed to offer a balanced blend of comfort and convenience for modern urban living. Key highlights include:

• Modern lifestyle amenities and recreational spaces
• Fitness facilities aimed at enhancing community living
• Contemporary home designs across three residential wings
• Integrated commercial spaces for added convenience
• Comprehensive parking solutions with podium parking

Company Background

Modis Navnirman Limited positions itself as one of Mumbai's rapidly growing real estate developers, founded by Mr. Dinesh C. Modi in 2010. The company focuses on redevelopment projects in Mumbai and has established itself as a promising player in the real estate sector. The Rashmi Icon project strengthens the company's growing portfolio of residential developments in Mumbai and reinforces its mission to create modern, community-focused spaces built with quality and integrity.

Project Timeline

The Bhoomi Poojan ceremony on February 6, 2026, officially commenced the construction phase of Rashmi Icon. This ceremonial beginning marks an important milestone in the project's development timeline, transitioning from planning to active construction phases.

Modi's Navnirman has received a substantial acquisition disclosure from Aegis Investment Fund PCC under Regulation 29 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The disclosure reveals a reduction in the fund's shareholding through open market transactions.

Transaction Details

Aegis Investment Fund PCC sold 32,000 shares of MODIS NAVNIRMAN LIMITED on January 29, 2026, through open market transactions. The sale represents 0.163% of the company's total share capital and voting rights.

Shareholding Changes

The transaction resulted in a reduction of Aegis Investment Fund PCC's stake in the company. Prior to this sale, the fund held 1,528,348 shares, representing 7.80% of the total share capital. Following the disposal, the fund's holding decreased to 1,496,348 shares, constituting 7.63% of the company's equity.

Regulatory Compliance

The disclosure confirms that Aegis Investment Fund PCC does not belong to the promoter or promoter group of MODIS NAVNIRMAN LIMITED. The fund has fulfilled its regulatory obligations by filing the required disclosure under SEBI's substantial acquisition regulations.

Company Listing Information

MODIS NAVNIRMAN LIMITED maintains its listing status on both major Indian stock exchanges - BSE Limited (BSE) and National Stock Exchange of India Limited (NSE). The company's shares continue to be actively traded on both platforms following this transaction.