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| Exchange Received Time 09/11/2018 19:10:30 Exchange Disseminated Time 09/11/2018 19:10:39 Time Taken 00:00:09 | | The company on 7/8/2016, had announced that it is in the process of setting up a large IT facility in its property at Nanakramguda, Hyderabad. Subsequently on 12 March 2018, the Company had announced that the company had filed for necessary government approvals for its joint development agreement (JDA) with the Salarpuria Sattva group. The company has received a conditional approval for this JDA from the government of Telangana/ TSIIC. Accordingly, as per the terms and conditions approved, the company has now finalized its JDA with the "Salarpuria Sattva" group and will receive & retain approximately 5 lakhs square feet as its net share (depending upon final FSI and municipal clearances) of the to-be constructed property. The lease rental revenues are expected to accrue starting from the First Quarter (better January & March) of 2019 and as per terms agreed with the Company''s Bankers, the proceeds will be entirely used to reduce the Consolidated Bank debts in the books of the company. |
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