On 28th March 2025, the Board of Directors of Lancor Holdings Limited conducted a meeting to discuss various matters pertinent to the company’s growth and operational strategy. The following major decisions were taken:

1. Issue of Convertible Warrants on Preferential Basis

In accordance with Regulation 30 of SEBI (LODR) regulations, the Board approved the issue of 33,33,330 convertible warrants on a preferential basis. The warrants, each convertible into an equivalent number of fully paid-up equity shares of Rs. 2 each, will be issued at a price of Rs. 30 per warrant. The total value of the issue amounts to Rs. 9,99,99,900 (Nine Crores Ninety-Nine Lakhs Ninety-Nine Thousand and Nine Hundred only). This preferential issue will be to specified promoters and is subject to shareholder approval.

The relevant date for determining the price of the warrants is fixed as 27th March 2025. The conversion period for these warrants will be 18 months from the date of allotment.

The allotment of warrants will be as follows:

• Mr. Shekar Viswanath Rajamani, a promoter, will be allotted 4,00,000 warrants, increasing his post-issue equity holding to 23.76% (assuming full conversion).

• Shyamala Shekar, also a promoter, will be allotted 29,33,330 warrants, increasing her post-issue equity holding to 23.39%.

The issuance is in compliance with the SEBI (ICDR) Regulations and will be cash-based, with 25% of the issue price payable at the time of allotment and the balance on exercise of the warrants.

2. Change in Designation of Mr. V K Ashok

In line with the Nomination and Remuneration Committee’s recommendation, the Board re-designated Mr. V K Ashok from Chief Operating Officer to Designated Director – Special Projects and Innovations (Non-Board Member). This change is effective from 28th March 2025, and Mr. Ashok will oversee the acquisition, development, and innovation of the company’s special projects.

Mr. V K Ashok has been a key figure in Lancor Holdings’ growth over the years, and his rich experience in real estate development will continue to be an asset as he spearheads the company’s future initiatives.

3. Approval of Extraordinary General Meeting (EGM)

The Board approved the convening of an Extraordinary General Meeting (EGM) on 26th April 2025. The EGM will seek shareholder approval for the preferential issue of convertible warrants. The notice for the EGM will be submitted to the Stock Exchanges in due course, in line with regulatory requirements.

4. Updates on New Projects

The Board received updates on several new joint development projects, marking an exciting phase for Lancor Holdings. These include:

• Ananya Ashok Project, a redevelopment of a building into a multi-storied residential apartment at Mylapore. The project is expected to generate a turnover of Rs. 75 Crores with an expected margin of Rs. 20 Crores.

• Prof Palanisamy Apartments, another redevelopment project at Mylapore with a projected turnover of Rs. 220 Crores and an expected margin of Rs. 50 Crores.

• A redevelopment project at Besant Nagar, Kalakshetra Colony, with a turnover of Rs. 150 Crores and an expected margin of Rs. 15 Crores.

Conclusion

These decisions reflect Lancor Holdings’ ongoing commitment to expanding its project portfolio, securing strategic financing, and ensuring organizational growth. The convertible warrants issue, alongside management changes and exciting new projects, will contribute to the company’s positive trajectory.

The Board meeting concluded at 1:15 PM after discussing all agenda points.

For further details, please refer to Annexure A and Annexure B attached to the formal notification sent to the stock exchanges.

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