Peninsula Land : REG 30 OUTCOME 08.05.2024

Date: May 08, 2024
To
Corporate Relations Department	The Market Operations Department
BSE Limited,	National Stock Exchange of India Limited
1st Floor, New Trading Wing,	Exchange Plaza, 5th Floor,
Rotunda Building, P J Towers,	Plot No C/1, G Block,
Dalal Street, Fort,	Bandra-Kurla Complex,
Mumbai 400 001	Bandra (E), Mumbai 400 051.
Ref: Peninsula Land Limited	("Company") (Scrip Code: BSE: 503031,
Scrip Symbol NSE: PENINLAND)

Sub: Intimation under Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the 'SEBI Listing Regulations')

Dear Madam/ Sir,

In continuation to our intimation of the meeting of the board of directors of the Company ("Board") vide our letter dated May 05, 2024 and in terms of Regulation 30 read with Schedule III of the SEBI Listing Regulations, we wish to inform you that the Board, in its meeting held today, i.e. on Wednesday, May 08, 2024 inter-alia has considered and approved the following, subject to the approval of the shareholders of the Company and other necessary approvals as may be required:

1. entering into a strategic partnership with Alpha Alternatives Fund Advisors LLP and its affiliates (including Arsenio Strategies Private Limited) and any funds managed by Alpha Alternatives Fund Advisors LLP (collectively referred to as "Alpha") and Delta Corp Limited ("DCL") to establish a real estate development platform ("RE Platform"). The RE Platform proposes to deploy an aggregate amount of up to INR 765 crore in residential re-development projects in the Mumbai Metropolitan Region and plotted development projects in and around the Mumbai Metropolitan Region, Alibagh, Khopoli, Karjat and Pune. The RE Platform will be the exclusive vehicle for such projects, and Alpha, the Company and DCL propose to contribute to the RE Platform up to

PENINSULA LAND LIMITED

1401, 14th Floor, Tower-B,

Peninsula Business Park,

Ganpatrao Kadam Marg,

Lower Parel, Mumbai 400 013,

India.

Phone	: [phone]
Fax	: [phone]
Email	: [e-mail]
URL	: www.peninsula .co.in
CIN	: L17120MH1871PLC000005

an aggregate of INR 450 crore (58.82%), INR 225 crore (29.42%) and INR 90 crore (11.76%), respectively, to the RE Platform as and when required; and

1. the preferential issue of up to 2,65,48,672 (Two Crore Sixty Five Lakh Forty Eight Thousand Six Hundred Seventy Two) Unsecured, Unlisted Optionally Convertible Debentures at an issue price of Rs. 56.50 (Indian Rupees Fifty Six and Fifty Paise only) each, for an aggregate consideration of Rs. 1,49,99,99,968 (Indian Rupees One Hundred Forty Nine Crore Ninety Nine Lakh Ninety Nine Thousand Nine Hundred Sixty Eight only) to Arsenio Strategies Private Limited in accordance with Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, the Companies Act, 2013 and rules thereunder, and other applicable laws, each as amended from time to time (the "OCD Issuance").

The Board has accordingly also approved the convening of an Extra-ordinary General Meeting of the shareholders of the Company on Monday, June 03, 2024 for seeking the approval of the shareholders for the above.

Please refer to Annexure I for the details of the proposed acquisitions as required under the SEBI Listing Regulations read with SEBI Circular No. SEBI/HO/CFD-PoD- 1/P/CIR/2023/123 dated July 13, 2023.

Please refer to Annexure II for the details of the OCD Issuance as required under the SEBI Listing Regulations read with SEBI Circular No. SEBI/HO/CFD-PoD- 1/P/CIR/2023/123 dated July 13, 2023.

The meeting of the Board commenced at 12:00 noon and concluded at 01.00 p.m.

Kindly take the above on record.

Thanking you,

For Peninsula Land Limited

MUKESH KUMAR GUPTA

Digitally signed by MUKESH KUMAR GUPTA DN: c=IN, st=Maharashtra, 2.5.4.20=1bacea48f3178417f50630b1d615eeca2 c481aa3cd8e53265ab31f8128b73c9d, postalCode=400615, street=702 PLATINO A WING LODHA SPLENDORA BHAYANDERPADA GHODBUNDER ROAD THANE, pseudonym=cc9c048206627f7dd25fd07b37457 7ac, serialNumber=e3ccda6acbd5a6330b0d1256652 d4c109cc5082784abf7fb89266a4d6a0a78b4, o=Personal, cn=MUKESH KUMAR GUPTA Date: 2024.05.08 13:21:15 +05'30'

Mukesh Gupta

Company Secretary & Compliance Officer

Membership No. F6959

PENINSULA LAND LIMITED

1401, 14th Floor, Tower-B,

Peninsula Business Park,

Ganpatrao Kadam Marg,

Lower Parel, Mumbai 400 013,

India.

Phone	: [phone]
Fax	: [phone]
Email	: [e-mail]
URL	: www.peninsula .co.in
CIN	: L17120MH1871PLC000005

Annexure I:

The details as required under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. SEBI/HO/CFD-PoD- 1/P/CIR/2023/123 dated July 13, 2023 are as follows:

Sr.	Particulars		Details
No

1. Name of the target Peninsula Land Limited ("Company") is proposing to

entity, details in brief enter into a strategic partnership with Alpha such as size, turnover Alternatives Fund Advisors LLP and its affiliates

etc.;(including Arsenio Strategies Private Limited) and any funds managed by Alpha Alternatives Fund Advisors LLP (collectively referred to as "Alpha") and Delta Corp Limited ("DCL") to establish a real estate development platform ("RE Platform").

			The RE Platform proposes to undertake residential
			redevelopment projects in the Mumbai Metropolitan
			Region and plotted development projects in and
			around Alibagh, Pune, Karjat, Khopoli and Mumbai
			Metropolitan Region through one or more entities
			("RE Platform Entities").
			The RE Platform Entities are proposed to be
			incorporated/acquired in due course.
			Authorized Capital: Not applicable.
			Paid Up Capital: Not applicable.
			Turnover/Size: Not applicable.
b)	Whether	the	The investment in any RE Platform Entity does not
	acquisition would fall	constitute a 'related party transaction' for the
	within related	party	purpose of the SEBI (Listing Obligations and
	transaction(s)	and	Disclosure Requirements) Regulations, 2015.

PENINSULA LAND LIMITED

1401, 14th Floor, Tower-B,

Peninsula Business Park,

Ganpatrao Kadam Marg,

Lower Parel, Mumbai 400 013,

India.

Phone	: [phone]
Fax	: [phone]
Email	: [e-mail]
URL	: www.peninsula .co.in
CIN	: L17120MH1871PLC000005

	whether the promoter/		However, once the RE Platform Entities are set up
	promoter				group/		and initially funded by the parties, such RE Platform
	group			companies		Entities will become 'related parties' of the Company
	have	any	interest in		and any further contributions to, or transactions with
	the		entity		being		such RE Platform Entities will constitute related party
	acquired?		If		yes,		transactions.
	nature of interest and
	details	thereof	and		After the initial investment, DCL (which is a related
	whether	the	same is		party of the Company) will have direct interest in the
	done		at		"arm's		RE Platform Entities as a shareholder. The
	length";							transactions will be done at 'arm's length'.
c)	Industry to	which	the		Real estate development
	entity	being	acquired
	belongs;
d)	Objects and impact of		The investment by the Company is a part of its
	acquisition	(including		strategic investment in the real estate re-
	but	not	limited	to,		development and development sector.
	disclosure	of reasons
	for		acquisition	of
	target	entity,	if	its
	business		is		outside
	the		main		line	of
	business of the listed
	entity);
e)	Brief	details	of	any		Not applicable.
	governmental		or
	regulatory	approvals
	required		for		the
	acquisition;
f)	Indicative time	period		The Company will continue to invest in the RE
	for	completion	of	the		Platform in tranches and is expected to invest up to
	acquisition;					INR 225,00,00,000 (Indian Rupees Two Hundred
										Twenty Five Crore only) over 3 (three) years.
g)	Nature					of		Cash consideration.
	consideration			-
	whether				cash
PENINSULA LAND LIMITED			Phone	: [phone]
1401, 14th Floor, Tower-B,
Peninsula Business Park,				Fax		: [phone]
Ganpatrao Kadam Marg,				Email	: [e-mail]
Lower Parel, Mumbai 400 013,		URL	: www.peninsula .co.in
India.								CIN		: L17120MH1871PLC000005

	consideration or share
	swap	or	any	other
	form and details of the
	same;
h)	Cost	of	acquisition	Up to INR 225,00,00,000 (Indian Rupees Two
	and/ or the price at	Hundred Twenty Five Crore only).
	which the shares are
	acquired;
i)	Percentage			of	Approx. up to 29.42%
	shareholding / control
	acquired	and	/	or
	number	of		shares
	acquired;
j)	Brief		background	Not applicable.
	about		the		entity
	acquired	in	terms	of	The RE Platform will be the exclusive vehicle of the
	products/line			of	Company, Alpha and DCL for residential re-
	business		acquired,	development in the Mumbai Metropolitan Region and
	date of incorporation,	plotted development in and around the Mumbai
	history of last 3 years	Metropolitan Region, Alibagh, Khopoli, Karjat and
	turnover,	country	in	Pune for a period of up to 36 (thirty-six) months.
	which	the	acquired
	entity	has	presence	The Company will not undertake competing
	and	any		other	development business activities unless the RE
	significant information	Platform chooses not to pursue such projects.
	(in brief)

PENINSULA LAND LIMITED	Phone	: [phone]
1401, 14th Floor, Tower-B,
Peninsula Business Park,	Fax	: [phone]
Ganpatrao Kadam Marg,	Email	: [e-mail]
Lower Parel, Mumbai 400 013,	URL	: www.peninsula .co.in
India.	CIN	: L17120MH1871PLC000005

Annexure II:

The details as required under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. SEBI/HO/CFD-PoD- 1/P/CIR/2023/123 dated July 13, 2023 are as follows:

Type

of

securities

Unsecured

Unlisted

Optionally

Convertible Debentures

proposed to be issued

("OCDs")

Type of Issue

Preferential Allotment

Total

number

of

2,65,48,672 OCDs consisting of two tranches:

securities proposed to

be issued

(a) 1,99,11,504 OCDs ("Tranche A OCDs")

(b) 66,37,168 OCDs ("Tranche B OCDs")

Additional Information in case of Preferential Issue

Name of the Investor

Arsenio Strategies Private Limited ("Investor")

Post

Allotment

of

OCDs are proposed to be allotted to the Investor. Details of

Securities:

Outcome

the equity shareholding of Investor in the Company, prior to

of Subscription

and after the proposed preferential issue, and assuming full

conversion of OCDs into equity shares, are as under:

Name of

Pre-

Post-

Post-Preferential

the

Preferential

Preferential

Issue and

Investor

Issue

Issue

Conversion*

No. of

%

No. of

%

No. of

%

Equity

Equity

Equity

Shares

Shares

Shares

Arsenio

Nil

Nil

Nil

Nil

2,65,48,672

7.92

Strategies

Private

Limited

*assuming no OCDs are redeemed and all OCDs are

converted into equity shares

Note:

PENINSULA LAND LIMITED

1401, 14th Floor, Tower-B,

Peninsula Business Park,

Ganpatrao Kadam Marg,

Lower Parel, Mumbai 400 013,

India.

Phone	: [phone]
Fax	: [phone]
Email	: [e-mail]
URL	: www.peninsula .co.in
CIN	: L17120MH1871PLC000005

					1. Company has already issued and allotted 1,53,00,000
					warrants on	March 22,	2023 which are pending
					conversion.
					2. Company has issued and allotted 77,27,000 0%
					unsecured Compulsorily Convertible Debentures (CCDs) on
					December 27, 2023 which will be converted on April 16,
					2025.
Issue Price			At a price of Rs. 56.50 (Indian Rupees Fifty Six and Fifty
					Paise Only) per OCD
Conversion Price		Each OCD shall be convertible into one equity shares of Rs.
					2 (Indian Rupees Two Only) each, at a conversion price of
					Rs. 56.50 (Rupees Fifty Six and Fifty Paise Only) for each
					equity share, which includes premium of Rs. 54.50 (Rupees
					Fifty Four and Fifty Paise Only) per equity share.
Number of Investors	1 (One)
In	case		of	Not Applicable
convertibles,
intimation			on
conversion		of
securities or on lapse
of the tenure of the
instrument
In case of Issuance of	Debt Securities
Size of the Issue		INR 149,99,99,968
Whether	proposed	to	No, but the equity shares issued pursuant to the conversion
be listed?				of the OCDs (if any) will be listed.
Tenure		of		the	18 months from the date of allotment, unless converted prior
instrument	-	date	of	thereto in accordance with the terms of the OCDs.
allotment	or	date	of
maturity
Coupon/interest		The OCDs shall not carry a fixed coupon rate. However, the
offered,	schedule	of	returns derived by the Company (net of any costs and tax) if
payment				of	any, from the investment or lending of funds received
coupon/interest and	against the Tranche A OCDs, would be distributed to the
principal					Investor as interest on the Tranche A OCDs at the time of
					redemption or upon conversion.
Charge/security, if any	Not applicable.

PENINSULA LAND LIMITED

1401, 14th Floor, Tower-B,

Peninsula Business Park,

Ganpatrao Kadam Marg,

Lower Parel, Mumbai 400 013,

India.

Phone	: [phone]
Fax	: [phone]
Email	: [e-mail]
URL	: www.peninsula .co.in
CIN	: L17120MH1871PLC000005

Special				The Investor shall have the:
right/interest/privilege
attached	to		the	(a)	Right to appoint one nominee director and one
instrument					observer to the board of directors of the Company so
							long as any of the OCDs are outstanding;
						(b)	Right to appoint one nominee director and one
							observer to the board of directors of the Company,
							after the redemption and/or conversion of all the
							OCDs, so long as it holds 7.92% of the paid-up equity
							share capital of the Company; and
						(c)	Right to appoint one nominee director to the board of
							directors of the Company, after the redemption
							and/or conversion of all the OCDs, so long as it holds
							at least 5% of the paid-up equity share capital of the
							Company.
Delay	in payment	of	Not applicable.
interest/principal
amount for a period of
more	than	3	months
from	due	date	or
default in payment of
interest / principal
Details of any letter or	Not applicable.
comments	regarding
payment/non-payment
of	interest,	principal
on due dates, or any
other			matter
concerning	security
and/or	assets	along
with	its	comments
thereon
Details of redemption	Not applicable.
of	preference	shares
PENINSULA LAND LIMITED		Phone	: [phone]
1401, 14th Floor, Tower-B,
Peninsula Business Park,			Fax	: [phone]
Ganpatrao Kadam Marg,			Email	: [e-mail]
Lower Parel, Mumbai 400 013,		URL	: www.peninsula .co.in
India.						CIN	: L17120MH1871PLC000005

indicating the manner

of redemption (whether out of profits or out of fresh issue) and debentures

PENINSULA LAND LIMITED

1401, 14th Floor, Tower-B,

Peninsula Business Park,

Ganpatrao Kadam Marg,

Lower Parel, Mumbai 400 013,

India.

Phone	: [phone]
Fax	: [phone]
Email	: [e-mail]
URL	: www.peninsula .co.in
CIN	: L17120MH1871PLC000005

PRESS RELEASE

Peninsula Land Limited raises 150 Cr via Optionally convertible debentures and announces setting up of a INR 765 Cr real estate platform

Mumbai, 8th May'24: Peninsula Land Limited ("PLL") - An Ashok Piramal Group Company, a prominent real estate developer listed on the NSE and BSE, announced raising of INR 150 Cr via Optionally convertible debentures (convertible into equity shares of PLL). The investment is being made by Arsenio Strategies Pvt Ltd which is an affiliate of the Alpha Alternatives Fund Advisors LLP ("AA Group"), a reputed multi-asset class asset management group.

The company has additionally announced setting up of a real estate platform with AA Group and Delta Corp Limited. The Platform will be the parties' exclusive vehicle to undertake residential re-development in the Mumbai Metropolitan Region and plotted development in and around the Mumbai Metropolitan Region, Alibaug, Khopoli, Karjat and Pune.

The Platform is proposed to be funded with an aggregate amount of up to INR 765 crores. Alpha Alternatives, Peninsula Land Limited and Delta Corp propose to contribute up to an aggregate of INR 450 crores (58.82%), INR 225 crores (29.42%) and INR 90 crores (11.76%) respectively. Peninsula Land Limited will also be the exclusive development manager ("DM") for all Platform Projects. Given that this platform is being undertaken in conjunction with Delta Corp Limited too, we do not intend to proceed with the joint venture with Delta Corp Limited contemplated earlier.

Rajeev Piramal, Vice Chairman and Managing Director of Peninsula Land Limited, commented on the announcement, stating " This announcement marks a new chapter in our growth story and is in line with our strategic roadmap to establish a position of leadership in the asset classes we pursue. This new platform will leverage the combined expertise of all parties in project selection, funding and development to unlock the value that exists in real estate today, especially for companies that have a track record of project delivery and the necessary financial resources to execute them in a timely manner. Our experience of delivering a wide range of projects in residential real estate and plotted developments coupled with the ability to sell inventory from affordable housing to ultra luxury apartments has led us to developing a good depth and breadth of capabilities which now along with a funding platform will enable us to create value for all our stakeholders."

About Peninsula Land Limited:

Peninsula Land Limited has been instrumental in creating noteworthy real estate landmarks such as Ashok Towers, Ashok Gardens, Peninsula Business Park, and others that have transformed their respective locations/Micro-markets. With projects spanning Mumbai, Pune, Bangalore, Lonavala, Nashik, and Goa, the company has established a consistent track record of project execution and delivery. To date, Peninsula Land Limited has delivered over 10.6 million sq. ft. of real estate across key Indian cities.