Shraddha Prime Projects Limited has announced its plan to form a Development Agreement with M/s Vedas Corporation, a proprietary concern, for a new real estate project in Mumbai. The company informed the Bombay Stock Exchange about this significant development on January 5, 2025, as part of its regulatory compliance obligations.

Project Details

The new development project is strategically located in the Matunga Division of Mumbai, one of the city's well-established residential areas. The project specifications demonstrate the company's focus on prime urban locations for its development activities.

Regulatory Compliance

The announcement was made in accordance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation mandates listed companies to disclose material events and information that could impact investor decisions.

The disclosure was formally communicated to the Corporate Relationship Department of the Bombay Stock Exchange Limited, where the company trades under the symbol "SHRADDHA" with script code 531771. Managing Director Sudhir Balu Mehta (DIN: 02215452) signed the official communication on behalf of the company.

Strategic Significance

This development agreement represents Shraddha Prime Projects Limited's continued expansion in Mumbai's real estate market. The Matunga area, being part of the central Mumbai region, offers strategic advantages for residential and commercial development projects. The company's decision to partner with Vedas Corporation indicates its approach to collaborative development in prime urban locations.

The formal announcement ensures transparency with stakeholders and maintains the company's commitment to regulatory compliance while pursuing growth opportunities in Mumbai's competitive real estate sector.

Shraddha Prime Projects has completed the allotment of Non-Convertible Debentures (NCDs) worth ₹58.00 crores and increased its total approved NCD issuance size to ₹63.00 crores. The company's board meeting held on December 24, 2025, reaffirmed the NCD issuance plans while making key modifications to the earlier approvals.

NCD Allotment Details

The board has approved the allotment of 5,800 secured, unlisted, redeemable, non-cumulative, non-convertible debentures to identified investors on a private placement basis. The allotment represents a significant portion of the company's fundraising initiative.

Revised NCD Issuance Framework

The company has modified its earlier approvals and increased the total NCD issuance size from ₹60.00 crores to ₹63.00 crores. The revised framework allows for greater flexibility in fundraising through multiple tranches.

Financial Terms and Structure

The NCDs offer attractive returns to investors with a structured repayment mechanism over a 36-month tenure. The company has updated the redemption premium structure based on the latest board meeting decisions.

Security and Redemption

The debentures are secured through mortgage, hypothecation or pledge in favor of the debenture trustee, providing additional security to investors. The company plans to redeem the debentures either from profits or through fresh issuance, offering flexibility in the redemption process.

Strategic Implications

This NCD allotment marks a significant step in Shraddha Prime Projects' capital raising strategy. The successful allotment of ₹58.00 crores out of the total ₹63.00 crores approved indicates strong investor interest in the company's debt instruments. The funds raised through this issuance will provide the company with additional working capital and support its growth initiatives without diluting equity ownership.