G. G. Dandekar Properties Ltd Approves Sale of Land and Conversion of Preference Shares

G. G. Dandekar Properties Ltd, in a recent meeting of its Board of Directors, approved the sale of land situated at Bhiwandi and the conversion of Compulsorily Convertible Preference Shares (CCPS) held in Navasasyam Dandekar Private Limited (NDPL) into Equity shares. The company authorized the Executive Director to obtain a fair value report from a registered valuer for the land sale. The decision to convert CCPS into Equity shares in NDPL is in accordance with the terms of issue of the CCPS mentioned in the Amendment to the Shareholders Agreement dated 8th March 2021. The company will intimate further material events regarding the sale of land and the conversion of CCPS into Equity shares as per the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.