ADDENDUM TO DRAFT PROSPECTUS DATED SEPTEMBER 30, 2023

V R INFRASPACE LIMITED
CIN: U45203GJ2015PLC085400

Our Company was originally incorporated as “V R Infraspace Private Limited” as a private limited company under the provisions of the
Companies Act, 2013 vide Certificate of Incorporation dated December 16, 2015, issued by the Registrar of Companies, Gujarat. Subsequently,
our Company was converted from a private limited company to public limited company and the name of our Company was changed from V R
Infraspace Private Limited to V R Infraspace Limited and a fresh certificate of incorporation dated August 10, 2023 was issued to our Company
by the Registrar of Companies, Ahmedabad. For further details, please refer to chapter titled “History and Corporate Structure” beginning on
page 127 of this Draft Prospectus.

Registered Office: National Trade Center N. H. 8, Opp. L & T, Bapod Na Vadodara-390019, Gujarat, India.
.Tel No.: +91- 9737118885; Email: info@[Link], Website: [Link]
Contact Person: Ms. Riya Bonnykumar Aswani, Company Secretary and Compliance Officer.

OUR PROMOTERS: MR. VIPUL DEVCHAND RUPARELIYA AND MRS. SUMITABEN VIPULBHAI RUPARELIYA

ADDENDUM TO THE DRAFT PROSPECTUS DATED SEPTEMBER 30, 2023: NOTICE TO THE INVESTORS (“THE
ADDENDUM”)
INITIAL PUBLIC ISSUE OF UPTO 24,00,000 EQUITY SHARES OF RS. 10/- EACH (“EQUITY SHARES”) OF V R INFRASPACE LIMITED (“V R” OR
THE “COMPANY” OR THE “ISSUER”) FOR CASH AT A PRICE OF RS. [●]/- PER EQUITY SHARE INCLUDING A SHARE PREMIUM OF RS. [●]/-
PER EQUITY SHARE (THE “ISSUE PRICE”), AGGREGATING TO RS. [●] LAKHS (“THE ISSUE”), OF WHICH UPTO [●] EQUITY SHARES OF RS.
10/- EACH FOR CASH AT A PRICE OF RS. [●]/- PER EQUITY SHARE INCLUDING A SHARE PREMIUM OF RS. [●]/- PER EQUITY SHARE
AGGREGATING TO RS. [●] LAKH WILL BE RESERVED FOR SUBSCRIPTION BY MARKET MAKER TO THE ISSUE (THE “MARKET MAKER
RESERVATION PORTION”). THE ISSUE LESS MARKET MAKER RESERVATION PORTION I.E. ISSUE OF UPTO [●] EQUITY SHARES OF RS. 10/-
EACH INCLUDING A SHARE PREMIUM OF RS [●]/- PER EQUITY SHARE AGGREGATING TO RS. [●] LAKH IS HEREINAFTER REFERRED TO
AS THE “NET ISSUE”. THE ISSUE AND THE NET ISSUE WILL CONSTITUTE [●]% AND [●]%, RESPECTIVELY OF THE POST ISSUE PAID UP
EQUITY SHARE CAPITAL OF THE COMPANY.

Potential Bidders may note the following:

1. In the sections “Risk Factors”, “Capital Structure”, “Object for the Issue”, Business Overview”, “History and Corporate Structure”, “Our
Management”, “Management’s Discussion & Analysis of Financial Conditions & Results of Operations” and “Outstanding Litigation and
Material Development”, “Government and other Approvals”, “Other Regulatory and Statutory Disclosures” and “Declaration” provided
herein below as part of Addendum, modifications have been updated.

The above is to be read in conjunction with the Draft Prospectus and accordingly their references in the Draft Prospectus stand amended
pursuant to this Addendum. Please note that the changes pursuant to this Addendum will be appropriately included in the Prospectus, as and
when filed with the RoC, the SEBI and the Stock Exchange. All capitalised terms used in this Addendum shall, unless the context otherwise
requires, have the meaning ascribed to them in the Draft Prospectus

On Behalf of VR Infraspace Limited

Sd/-

Date: February 16, 2024 Mr. Vipul Devchand Rupareliya

Place: Vadodara Chairman and Managing Director
DIN: 07364323
LEAD MANAGER TO THE ISSUE REGISTRAR TO THE ISSUE

BEELINE CAPITAL ADVISORS PRIVATE LIMITED LINK INTIME INDIA PRIVATE LIMITED
B 1311-1314, Thirteenth Floor, Shilp Corporate Park, C-101, 1 Floor, 247 Park, L.B.S. Marg, Vikhroli (West),
Rajpath Rangoli Road, Thaltej, Ahmedabad- 380054, Mumbai- 400083, Maharashtra, India
Gujarat, India. Tel. No.: +91-8108114949
Tel. No.: +91-79-48407357 Fax No.: +91-022-49186195
Email: mb@[Link] Email: [Link]@[Link]
Website: [Link] Website: [Link]
Investor Grievance Email: ig@[Link] Investor Grievance Email: [Link]@[Link]
Contact Person: Mr. Nikhil Shah Contact Person: Shanti Gopalkrishnan
SEBI Registration No.: INM000012917 SEBI Registration No.: INR000004058
BID/ISSUE PROGRAMME
BID/ISSUE OPENS ON [●]
BID/ISSUE CLOSES ON [●]
SECTION III - RISK FACTORS

 The Risk factor 7 will be read as:

Our Company, our subsidiary namely M/s Narnarayan Enterprise and our associate Nirman Group require certain
approvals and licenses in the ordinary course of business and are required to comply with certain rules and regulations
to operate business, and the failure to obtain, retain and renew such approvals and licenses in timely manner or comply
with such rules and regulations or at all may adversely affect our operations and financials.

Our Company, Subsidiary and associate require several statutory and regulatory permits, licenses and approvals to operate
business. Many of these approvals are granted for fixed periods of time and need renewal from time to time. Non-renewal of
the said permits and licenses would adversely affect operations, thereby having a material adverse effect on our business,
results of operations and financial condition. There can be no assurance that the relevant authorities will issue any of such
permits or approvals in the time-frame anticipated by us or at all. Some of our permits, licenses and approvals are subject to
several conditions and we cannot provide any assurance that we will be able to continuously meet such conditions or be able
to prove compliance with such conditions to the statutory authorities, which may lead to the cancellation, revocation or
suspension of relevant permits, licenses or approvals.

Any failure by us to apply in time, to renew, maintain or obtain the required permits, licenses or approvals, or the cancellation,
suspension or revocation of any of the permits, licenses or approvals may result in the interruption of our operations and may
have a material adverse effect on our business and financials. For further details, please see refer chapters titled “Key
Regulations and Policies” and “Government and Other Approvals” beginning on Page Nos. 118 and 168 respectively of this
Draft Prospectus.

 The Risk Factor 9 will be read as follows:

We face significant risk with regard to length of time needed to complete each project and there could be unscheduled
delays and cost overruns in relation to our ongoing and future projects.

As on the date of this Draft Prospectus, our Company have constructed and delivered possession of our Completed Project
i.e. VR Celebrity Luxuria. There has not been any material past instances of unscheduled delays with respect to our completed
projects thereof that have caused any material cost overruns except with one project i.e., VR One Project whose original date
of commencement was May 01, 2017 but commencement delayed to October 29, 2020. However; our business is extremely
dynamic in nature and there could be unscheduled delays and cost overruns in relation to our ongoing or forthcoming projects.
During the time there can be changes to the national, state and local business conditions and regulatory environment, local
real estate market conditions, perception of prospective customers with respect to the convenience and attractiveness of the
project and changes with respect to competition from other property developments.

Further, any changes to the business environment such as non-availability of raw materials or increase in cost of construction
materials during such time may affect the cost and revenues associated with the project and may ultimately affect the timelines
of a project. We cannot assure you that we will be able to complete our projects within the expected budgets and time
schedules at all. We may be penalized from the regulatory authorities as well as our client for delay in completion of project.

For further details of our business, please refer to chapter titled “Business Overview” beginning on Page 102 of this Draft
Prospectus.

 The Risk factor 10 will be read as:

We require certain approvals and licenses in the ordinary course of business and the failure to successfully obtain such
registrations would adversely affect our operations, results of operations and financial condition.

We are governed by various laws and regulations for our business and operations. We are required, and will continue to be
required, to obtain and hold relevant licenses, approvals and permits at state and central government levels for doing our
business. The approvals, licenses, registrations and permits obtained by us may contain conditions, some of which could be
onerous. Also, we are yet to apply for few licenses, details of which are given in the chapter titled “Government and Other
Approvals” on page 168 of this Draft Prospectus.

While we have obtained a significant number of approvals, licenses, registrations and permits from the relevant authorities.
There can be no assurance that the relevant authority will issue an approval or renew expired approvals within the applicable
time period or at all. Any delay in receipt or non-receipt of such approvals, licenses, registrations and permits could result in
 cost and time overrun or which could affect our related operations. Furthermore, under such circumstances, the relevant
authorities may initiate penal action against us, restrain our operations, impose fines/penalties or initiate legal proceedings
for our inability to renew/obtain approvals in a timely manner or at all.

These laws and regulations governing us are increasingly becoming stringent and may in the future create substantial
compliance or liabilities and costs. While we endeavor to comply with applicable regulatory requirements, it is possible that
such compliance measures may restrict our business and operations, result in increased cost and onerous compliance
measures, and an inability to comply with such regulatory requirements may attract penalty.

Furthermore, we cannot assure you that the approvals, licenses, registrations and permits issued to us will not be suspended
or revoked in the event of non-compliance or alleged non-compliance with any terms or conditions thereof, or pursuant to
any regulatory action. Any suspension or revocation of any of the approvals, licenses, registrations and permits that has been
or may be issued to us may affect our business and results of operations.

 The Risk factor 51 will be read as:

Our Company’s management will have flexibility in utilizing the Net Proceeds from the Issue. The deployment of the Net
Proceeds from the Issue is not subject to any monitoring by any independent agency. The purposes for which the Proceeds
of the Issue are to be utilized are based on management estimates and have not been appraised by any banks or financial
institutions

Our Company intends to primarily use the Net Proceeds towards investment in subsidiary, working capital requirement and
for general corporate purposes as described in “Objects of the Issue” on page 75 of this Draft Prospectus. In terms of the
SEBI (ICDR) Regulations, we are not required to appoint a monitoring agency since the Issue size is not in excess of ₹100
crores. The management of our Company will have discretion to use the Net Proceeds from the Issue, and investors will be
relying on the judgment of our Company’s management regarding the application of the Net Proceeds from the Issue. Our
Company may have to revise its management estimates from time to time and consequently its requirements may change.
The utilization of the Proceeds of the Issue and other financings will be monitored only by the Audit Committee of the Board
and is not subject to any monitoring by any independent agency. Further, pending utilization of the Proceeds of the Issue, we
intend to deposit the Net Proceeds only in scheduled commercial banks included in the Second Schedule of the Reserve Bank
of India Act, 1934.

Further, pursuant to Section 27 of the Companies Act 2013, any variation in the objects would require a special resolution of
the Shareholders and our Promoters or controlling Shareholders will be required to provide an exit opportunity to the
Shareholders of our Company who do not agree to such proposal to vary the objects, in such manner as may be prescribed in
future by the SEBI. Accordingly, prospective investors in the Issue will need to rely upon our management’s judgment with
respect to the use of Net Proceeds. If we are unable to enter into arrangements for utilization of Net proceeds as expected and
assumed by us in a timely manner or at all, we may not be able to derive the expected benefits from the proceeds of the Issue
and our business and financial results may suffer.

Our funding requirements and the deployment of the Proceeds of the Issue are based on management estimates and have not
been appraised by any banks or financial institutions. In view of the highly competitive nature of the industry in which we
operate, we may have to revise our management estimates from time to time and, consequently, our funding requirements
may also change

 The Risk factor 58 will be deleted.

 Following risk factor will be inserted after risk factor 16:

17. Our business may be subject to various operating risk related to various business processes which is outsourced by
our Company, the occurrence of which can affect our results of operations and consequently, financial condition of our
Company.

Our business operations are subject to operating risks related to various business processes which is outsourced by our
Company such as designing of projects, constructions of Projects by contract labours and failure of third party in performance
of their part will impact our quality of our projects. The occurrence of these risks, if any, could significantly affect our
operating results, and the slowdown / shutdown of business operations may have a material adverse effect on our business
operations and financial conditions.
 Following risk factor will be inserted after risk factor 17:

18. Our lenders have charge over the personal guarantee of our Director and Promoter in respect of finance availed by
us.

Our Director and Promoter has charged their personal guarantee in respect of loans / facilities availed by us from banks. The
total amounts outstanding and payable by us as secured loans were Rs. 238.83 lacs as on March 31, 2023. In the event we
default in repayment of the loans / facilities availed by us and any interest thereof, the properties may be subject to forfeiture
by lenders, which in turn could have significant adverse effect on business, financial condition or results of operations.

Also if our Director and Promoters revoke their guarantee will impact our funding from bank, we also have to arrange for
additional security for availing the loan facility. For further details of secured loans of our Company, please refer the chapter
titled “Financial Information of our Company” on page no. 147 of this Draft Prospectus.

 Risk factor 3 of Draft Prospectus will be shifted to risk factor 1 and read as follows:

1. Our proposed investment into our Subsidiary M/s Narnarayan Enterprise will be utilised for development of one of its
upcoming project. Any inability for developing its upcoming project by our subsidiary would affect business model of
Subsidary and financials of our Company.

Our Company intends to use major portion of the proceeds from the Issue for investment in our subsidiary namely M/s
Narnarayan Enterprise (“hereunder referred as Subsidiary”) which will be utilised for development of one of its upcoming
project. Additionally, development of upcoming project by our Subsidiary will depend on a number of factors, including
statutory approvals, availability of material, labours etc. These are based on current conditions and are subject to change in
light of changes in external circumstances or costs or in other financial conditions, business strategy, etc. Any adverse
circumstances in this regard would affect business model of Subsidiary and financials of our Company.

For further details of our subsidiary, please refer to chapter titled “History and Certain Corporate Matters” beginning on Page
127 of this Draft Prospectus.

 Following risk factor will be inserted after risk factor 1:

2. Our parts of Issue proceeds will be utilised for funding project ‘V R Vivanta’ by Narnarayan Enterprises which is not
wholly owned subsidiary of the Company.

Our Company will part finance the real estate project undertaken by our Subsidiary i.e. V R Vivanta to the extent of Rs.
1500.00 Lakhs out of total net issue proceed of the Initial Public Offer of our Company. Further our Company owned 51%
of share in our Subsidiary i.e. it is not wholly owned Subsidiary. Our Company will get profit to the extent of its share in
Subsidiary. Although our Company is holding 51% of the Subsidiary and control over the decisions and execution of project
executed of our subsidiary will be controlled by our Company only, being holding majority stake in Narnarayan Enterprises.

For further details of our funding to subsidiary company and our profit sharing ratio, kindly refer chapter titled “Object for
the Issue” beginning on page 75 of Draft Prospectus.

SECTION – V - GENERAL INFORMATION

 The Board of Directors of our Company will read as follows:

Name Designation Address DIN

B-403 Siddheshvar Paradise 30 Mtr Harni Sama
Chairman cum
Mr. Vipul Devchand Rupareliya Link Road, Harni Road, Near Gada Circle, 07364323
Managing Director
Vadodara-390022, Gujarat, India.
B-403 Siddheshvar Paradise 30 Mtr Harni Sama
Mrs. Sumitaben Vipulbhai
Whole-Time Director Link Road, Harni Road, Near Gada Circle, 07364312
Rupareliya
Vadodara-390022, Gujarat, India.
A-165 silver Leaf, Behind bharat petrol pump,
Non Executive
Mr. Jatin shah waghodia dabhoi ring road, Vadodara – 390025, 10474384
Director
Gujarat.
Mr. Kevinkumar Bavchandbhai D-185, Vitthalnagar Society, Hirabaug, Surat,
Independent Director 09827806
Khoyani Varachha Road, Surat-395006, Gujarat, India.
Sanjay park Society, Behind Kubereshwar
Mr. Ankit Jagdishbhai Kansara Independent Director Temple, Manjalpur, Vadodara-390011, Gujarat, 09415953
India.
SECTION VI – CAPITAL STRUCTURE

 Table I and Table II of point 7 “Our Shareholding pattern” will be read as:

The table below represents the shareholding pattern of our Company in accordance with Regulation 31 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, as on the date of the Draft Prospectus:

Table I – Summary of Shareholding Pattern:-

Shares pledged
No. of shares underlying Depository

Shareholding , as a % assuming full

percentage of diluted share capital)

No. of Partly paid-up equity shares

Voting Rights
Shareholding as a % of total no. of

Outstanding convertible securities

or otherwise
encumbered
No. of fully paid up equity shares

held in each

Number of equity shares held in

shares (calculated as per SCRR,

Number of

Number of

Number of
securities*

Locked in
of convertible securities ( as a
class of

shares
1957) As a % of (A+B+C2)

No. of Shares Underlying

Category of shareholder

Total nos. shares held

(including Warrants)
Nos. of share holders

As a % of (A+B+C2)

dematerialized form
conversion
Category

Receipts
held

held

Share s held (b)

% of (A+B+ C)

Shares held (b)

As a % of total

As a % of total
Voting
Rights
No of

Total as a

No. (a)

No. (a)
Rs.10/

each^
Share
Equit
Class

Total
s of
y

-
VII =
I II III IV V VI VIII IX X XI=VII+X XII XIII XIV
IV+V+VI
Promoter
(A) & 7 64,80,000 - - 64,80,000 100.00 64,80,000 64,80,000 100.00 - 100.00 64,80,000 100.00 - 64,80,000
Promoter
(B) Group
Public - - - - - - - - - - - - - - -
Non-
I Promoter- - - - - - - - - - - - - - - -
Non-
Shares
(C1) Public - - - - - - - - - - - - - - -
underlying
DRs
Shares
(C2) - - - - - - - - - - - - - - -
held by
Emp.
Total 7 64,80,000 - - 64,80,000 100.00 64,80,000 64,80,000 100.00 - 100.00 64,80,000 100.00 - 64,80,000
Trusts
*As on date of this Draft Prospectus 1 Equity share holds 1 vote.
^ We have only one class of Equity Shares of face value of Rs. 10/- each.
Table II - Statement showing shareholding pattern of the Promoters and Promoters’ Group

Number of Voting Rights held in each No of Shareholdi Number of Number of Number of

class of securities (IX) shares ng , as a % Locked in shares equity
Total as a Underly assuming shares (XII)* pledged or shares
% of ing full otherwise held in
No. Sharehol (A+B+C) Outstan conversion encumbered dematerial
No. Of ding as a No of Voting (XIV) Rights ding of (XIII) ized form
Of shar % of total Class Cl Total converti convertible
Part es no. of eg: as ble securities
ly und shares X s securitie (as a
paid erlyi (calculate eg s percentage
-up ng d as per :y (Includi of diluted
Nos. No. of equi Dep Total nos. SCRR, ng share As a As a
Of fully paid ty osito shares 1957) Warran capital) % of % of
shar up equity shar ry held (VIII) ts) (X) (XI)=(VII) total total
Sr. Category of ehol shares es Rec (VII) = As a % of +(X) as a shares share
No. shareholder ders held held eipts (IV)+(V)+ (A+B+C2 % of No. held No. s held
(I) (II) (III) (IV) (V) (VI) (VI) ) (A+B+C2) (a) (b) (a) (b)
(1) Indian
(a) Individuals/Hin
du undivided
Family
1. Mr. Vipul
Devchand - 45,36,000 - - 45,36,000 70.00 45,36,000 45,36,000 70.00 - 70.00 - - - - 45,36,000
Rupareliya
2. Mrs.
Sumitaben
- 19,43,950 - - 19,43,950 30.00 19,43,950 19,43,950 30.00 - 30.00 - - - - 19,43,950
Vipulbhai
Rupareliya
3. Mr.
Bhaveshbhai J - 10 - - 10 0.00 10 10 0.00 - 0.00 - - - - 10
Sojitra
4. Mr. Haresh
Jasmatbhai - 10 - - 10 0.00 10 10 0.00 - 0.00 - - - - 10
Sojitra
5. Mr. Jasmatbhai
Chhaganbhai - 10 - - 10 0.00 10 10 0.00 - 0.00 - - - - 10
Sojitra
6. Mrs. Nilamben
Bhaveshbhai - 10 - - 10 0.00 10 10 0.00 - 0.00 - - - - 10
Sojitra
7. Mrs. Naynaben
- 10 - - 10 0.00 10 10 0.00 - 0.00 - - - - 10
Sojitra
 Central
(b) Government/
- - - - - - - - - - - - - - - - -
State
Government(s)
(c) Financial
Institutions/ - - - - - - - - - - - - - - - - -
Banks
(d) Any Other –
Body - - - - - - - - - - - - - - - - -
Corporate
Sub-Total
- 64,80,000 - - 64,80,000 100.00 64,80,000 - 64,80,000 100.00 - 100.00 - - - - 64,80,000
(A)(1)
(2) Foreign - - - - - - - - - - - - - - - - -
(a) Individuals
(Non Resident
Individuals/ - - - - - - - - - - - - - - - - -
Foreign
Individuals)
(b) Government - - - - - - - - - - - - - - - - -
(c) Institutions - - - - - - - - - - - - - - - - -
(d) Foreign
Portfolio - - - - - - - - - - - - - - - - -
Investor
(e) Any Other
- - - - - - - - - - - - - - - - -
(specify)
Sub-Total
- - - - - - - - - - - - - - - - -
(A)(2)
Total
Shareholding
of Promoters
and
7 64,80,000 - - 64,80,000 100.00 64,80,000 - 64,80,000 100.00 - 100.00 - - - - 64,80,000
Promoters’
Group
(A)=(A)(1)+(A
)(2)
Details of Shares which remain unclaimed may be given hear along with details such as number of shareholders, outstanding shares held in demat/unclaimed suspense
account, voting rights which are frozen etc. - N.A
SECTION VII – PARTICULARS OF THE ISSUE - OBJECTS OF THE ISSUE

 Under “Details of Use of Issue Proceeds” point 1 “Investment into our subsidiary and part financing the construction of VR
Vivanta” the estimated implementation schedule for the above mentioned project will be read as:

The estimated implementation schedule for the above mentioned project is as follows:

S. No. Details Estimated Start Date Estimated Completion Date

1. Building of Compound Wall 01/08/2023 31/08/2023
2. Excavation of Land 01/12/2023 15/02/2024
3. Basement Plinth Levels 15/02/2024 30/05/2024
4. RCC structure, Brick-Work and Internal Plaster 01/06/2024 31/04/2027
5. Underground storage tank and sewage treatment 01/05/2024 31/04/2027
plant
6. Start of wood work, Flooring, Electrification, 01/05/2025 31/04/2028
Sanitary fittings etc.
7. Fitting of Lifts, Landscaping, Painting and other 01/05/2028 31/03/2029
remaining works
8. Finishing work and tentative date of receipt of 01/04/2029 31/12/2029
completion certificate for the Project

 Under “Details of Use of Issue Proceeds” point 1 “Investment into our subsidiary and part financing the construction of VR
Vivanta” the Funding details will be read as:

Funding Details
(Amount in Lakhs)
[Link]. Particulars Total Amount Balance Amount Capital Balance Amount
Estimated deployed Amount proposed Contribution From Bank
Expenditure as at to be to be by Others Finance,
August deployed financed partners Advance from
31, 2023 from Customer and
Net Issue Unsecured Loan
Proceeds From Friends &
Relative
1. Construction
of VR 11933.09 552.55 11380.54 1500.00 2437.00 7443.54
Vivanta

Further our Company has received the sanction letter dated January 08, 2024 from Goenka business & finance Limited, a
RBI registered NBFC for sanction of Rs. 7500.00 Lakhs toward construction of VR Vivanta.

 Under “Details of Use of Issue Proceeds” point 1 “Investment into our subsidiary and part financing the construction of VR
Vivanta” after funding details, following will be inserted:

Statutory Approvals of VR Vivanta:

License Issuing Date of Date of

S. No. Description Address
Number Authority issue Expiry
Registration
Certificate of Rs No 577 Paikki 1 Fp No Pr/Gj/Vadodara/ Gujarat Real
Project under 29, Tp No 02 Moge Gam Vadodara/Other Estate October June 30,
1.
Gujarat Real Sayajipura, Vadodara, s/Raa12544/261 Regulatory 26, 2023 2030
Estate Regulatory Vadodara, Gujarat 023 Authority
Authority (RERA)
Certificate of F. P No. 29, R.S. No. JDISH/BRD/B Deputy May 01, June 30,
Registration for 577/1, T.P.S. No. 2 of OCW/ 297/2023 Director, 2023 2027
2. Employer Under village Sayajipura, Industrial
the Building And Taluka and dist. Safety &
Other Health, Baroda
 Construction Vadodara, Sayajipura,
Workers, Vadodara, Gujarat
(Regulation Of
Employment And
Conditions Of
Service) Central
Rules, 1998
Approval from F. P No. 29, R.S. No. Ward/5, HB- Vadodara June 02, June 01,
Town 577/1, T.P.S. No. 2 of 28/2023-24 Municipal 2023 2027
Development village Sayajipura, Corporation
3.
Authority Taluka and dist.
Vadodara, Sayajipura,
Vadodara, Gujarat
No Objection F. P No. 29, R.S. No. VADO/WEST/ Airport April 27, April 26,
Certificate for 577/1, T.P.S. No. 2 of B/040622/6645 Authority of 2022 2030
Height clearance village Sayajipura, 73 India
4.
Taluka and dist.
Vadodara, Sayajipura,
Vadodara, Gujarat
Fire Safety F. P No. 29, R.S. No. Reg. No. Vadodara Fire July 26, --
Opinion 577/1, T.P.S. No. 2 of REG230100164 & Emergency 2023
village Sayajipura, Services,
5.
Taluka and dist. Vadodara
Vadodara, Sayajipura, Municipal
Vadodara, Gujarat Corporation

 Under “Details of Use of Issue Proceeds” point 1 “Investment into our subsidiary and part financing the construction of VR
Vivanta” after funding details, following will be inserted:

Narnarayan Enterprises is partnership firm incorporated on January 04, 2023 and further partnership deed amended on June
16, 2023, the name of partners and their profit sharing is as follows:

Name of the Partner Profit/Loss Sharing Ratio

V R Infraspace Limited 51.00%
Kachhadiya Ghanshyambhai Babubhai 10.00%
Kanani Kishor Ghanshyambhai 10.00%
Shiroya Maulik Ashokbhai 10.00%
Sojitra Bhaveshbhai Jasmatbhai 09.00%
Vishal Vinubhai Kachhadiya 05.00%
Gajera Sanjay Vinubhai 05.00%

Narnarayan Enterprises was formed with the object to carry on the business of contracting and subcontracting in residential
and commercial property which involves various stakeholders collaborating to deliver construction projects. The purpose for
formation of Narnarayan Enterprises to collaborate the experience of our Company with other partners for efficient project
management. The other Partners of Narnarayan Enterprises has vast experience in real estate business.

VR Vivanta is executed under Narnarayan Enterprises to collaborate the partners' profound industry expertise and their vast
experience in real estate industry for construction of residential project. While "V R Vivanta" represents the inaugural project
and it is largest project among all project executed by our company till date, it serves as a stepping stone towards broader
expansion and diversification within the real estate sector. Also as VR Vivanta is big project for which capital requirement
will met by other partners along with our Company for successful completion of the Project.

 Under “Details of Use of Issue Proceeds” point 2 “To Meet Working Capital Requirement” the Details of Estimation of
Working Capital requirement will be read as:

Details of Estimation of Working Capital requirement is as follows

(₹ In Lakhs)
S. No. Particulars Actual Actual Actual Actual
(Restated) (Restated) (Restated) (Provisional)
 31-March-21 31-March-22 31-March-23 31-March-24
I Current Assets
Trade receivables 2179.71 2326.05 2298.01 695.00
Inventories 2249.03 2015.99 1099.82 1732.00
Cash and cash equivalents 384.15 65.51 38.95 281.00
Short term loan & Advances 235.61 47.67 246.91 0.00
Other Current Assets 5.79 9.38 43.05 300.00
Total(A) 5054.29 4464.59 3726.74 3008.00
II Current Liabilities
Trade payables 361.88 671.74 615.13 100.00
Short Term Provisions 0.00 0.00 0.00 0.00
Other Current Liabilities 2569.49 2260.23 1401.40 50.00
Total (B) 2931.37 2931.37 2022.53 150.00
III Total Working Capital Gap
2122.92 1532.62 1704.21 2858.00
(A-B)
IV Funding Pattern
Short term borrowing &
2122.92 1532.62 1704.21 2508.00
Internal Accruals
IPO Proceeds 350.00

 Under “Details of Use of Issue Proceeds” point 2 “To Meet Working Capital Requirement” the Key assumptions for working
capital projections made by the Company will be read as:

Key assumptions for working capital projections made by the Company:

Particulars Actual Actual Actual Provisional

March 31, 2021 March 31, 2022 March 31, 2023 March 31, 2024
Debtors (in Days) 593 618 469 194
Creditors (in Days) 181 328 587 23
Inventory (in Days) 612 535 224 483

 Under “Details of Use of Issue Proceeds” point 2 “To Meet Working Capital Requirement” the Justification for increase in
working Capital will be read as:

Justification for increase in working Capital:

The company is planning for the new projects in which Inventory of Work in Progress need to hold over the period of more
than 1 year i.e. until completion of project. So that the inventory holding period is increased significantly & due to this
working capital requirement of the company is increased significantly in FY 2023-24.

We are engaged in business of real estate development, wherein major component of Working capital are as follows:

Current Assets: In the mentioned business majority of current asset is in stock that is in raw material or work-in-progress
stage.

Current Liabilities: Creditors for land, labour and other expenses and Advance received from customers forms the majority
part of the current liabilities.

Also the sale is recognized on % Completion method as per the life cycle of the project.

For the past 3 years two projects are being constructed under our Company i.e., ‘VR One’ and ‘VR imperia’. Both projects
started in 2019. As per the progress of project completion the amount of inventories, debtors and creditors in current
liabilities changes. At initial stage when land is purchased by promoters, which is mostly from own capital – value of
inventory in CA increases and at this initial stage, bookings from customers is less.

Gradually as the construction progresses the creditors for labour and materials increased as seen in 2021 and 2022. Another
is booking amounts that starts coming which is considered as current liability, and is recognized in sales in proportion to
completion of project.
 Other component is Current Assets which comprises of Inventories that are in WIP stage as per amount invested in project
during the course of construction and Sundry debtors that are as per sale recognition in proportion of construction.

For Year 2024, inventory comprises of land purchase made for project ‘VR Infinity’ and debtors comprises of debtor
recognition in ‘VR one’ and ‘VR imperia’ that the reason the current assets are on higher side resultant to increase in
Working capital requirement.

From the above explanations it is evident that, the Working Capital Gap is higher in initial phase of the project and it gets
reduces gradually over the year.

SECTION VIII – ABOUT THE COMPANY - BUSINESS OVERVIEW

 Under “Our Strategies” will be read as:

Our strategic objective is to improve and consolidate our position as a real estate developer with a continuous growth
philosophy.

 Under “Human Resources” following will be updated as:

There are no contractual employees in our Company, we hire contract labour for our projects which vary according to work
and fluctuate day to day as per the requirement of projects.

 Under “Sales and Marketing” will be read as:

Marketing
Our first step is to assess the nature of the project contemplated and the price at which the proposed property is likely to
sell, given our target customer groups for a project of that particular type and location.

Sales
For our residential and commercial projects, we typically follow a pre-sale model, whereby we offer units for sale prior to
completion. Upon booking of a residential and commercial unit, we typically receive a certain percentage of the purchase
price as down payment at the time of booking a particular unit and the remainder through periodic payments linked to certain
other construction milestones while the project is being developed. We price our units based on our analysis of demand in a
particular region, taking into consideration market demographics, location, future supply and competition. Under applicable
laws, we are liable to pay interest on payments already made to us by our customers in respect of any delay in the completion
and hand over of the project to our customers and, where the customer exercises a right to cancel the sale, we are liable to
refund amounts paid to date with interest. The interest payable is calculated at a fixed rate on a monthly basis for the period
of the delay.

We transfer title to the customer upon completion of construction of the building or structure and after execution of the
definitive agreement with the customer.

Completion
Upon sale of all the units constructed we handover the property and the necessary documents to the committee of the society
consisting of representatives from and amongst of the residents of the project.

 Under “Collaborations/ Tie – Ups/ Joint Ventures” will be read as:

Except as disclosed in this Draft Prospectus, we do not have any Collaboration/Tie Ups/ Joint Ventures as on date of Draft
Prospectus. Further we have not entered into any joint development agreement for our projects

SECTION VIII – ABOUT THE COMPANY - HISTORY AND CORPORATE STRUCTURE

 Under “Time and Cost overruns in setting up projects” will be read as:

Except as disclosed in chapter titled “Our Business” delay in commencement of VR One Project of our Company from
Original Date as 01.05.2017 to commencement date as 29.10.2020, there is no other instances for delay in commencement
of our Projects.
SECTION VIII – ABOUT THE COMPANY - OUR MANAGEMENT

 Under “Board of Directors” the details of Mr. Bhaveshbhai Jasmatbhai Sojitra will be deleted and replaced by details of Mr.
Jatin Shah as follows:

No. of Equity
Name, Father’s, Age, Designation, Date of
S. Shares held & %
Address, Experience, Occupation, Appointment Other Directorships
No. of Share holding
Qualifications, Nationality & DIN
(Pre-Issue)
Mr. Jatin Shah Appointed on the NIL NIL
Father Name: Anilbhai Kanubhai Shah Board as Non-
Date of Birth: 31/05/1983 Executive Director
Age: 40 Director w.e.f.
Designation: Non-Executive Director January 23, 2024
Address: A-165 silver Leaf, Behind
3. bharat petrol pump, waghodia dabhoi ring
road, Vadodara – 390025, Gujarat.
Experience: 3 Years
Occupation: Business
Qualifications: Bachelor of Commerce
Nationality: Indian
DIN: 10474384

 Under “Brief Profile of our Directors” the details of Mr. Bhaveshbhai Jasmatbhai Sojitra will be deleted and replaced by
details of Mr. Jatin Shah as follows:

3. Mr. Jatin Shah, Non-Executive Director, Age: 40 Years

Mr. Jatin Shah, aged 40 years, is the Non-Executive Director of our Company. He hold degree of bachelor of commerce. He was
appointed on the Board as Non-Executive Director of the Company on January 23, 2024. He is having of experience of 3 years in
sales and marketing industry.

 Under “Changes in Board of Directors In Last 3 Years” will be read as:

Sr. No. Name Date & Nature of Change Reasons for Change
Mr. Ankit Jagdishbhai Appointed as Additional Director w.e.f July 18, To ensure better Corporate
1.
Kansara 2023. Governance
Mr. Kevinkumar Appointed as Additional Director w.e.f July 18, To ensure better Corporate
2.
Bavchandbhai Khoyani 2023. Governance
Mr. Vipul Devchand Re-designated as Chairman cum Managing Director To ensure better Corporate
3.
Rupareliya w.e.f. August 16, 2023. Governance
Mrs. Sumitaben Vipulbhai Re-designated as Whole-Time Director w.e.f. To ensure better Corporate
4.
Rupareliya August 16, 2023. Governance
Mr. Bhavesh J Sojitra Appointed as Non-Executive Director w.e.f. To ensure better Corporate
5.
September 04, 2023 Governance
Mr. Ankit Jagdishbhai Re-designated as Independent Director w.e.f. To ensure better Corporate
6.
Kansara September 09, 2023 Governance
Mr. Kevinkumar Re-designated as Independent Director w.e.f. To ensure better Corporate
7.
Bavchandbhai Khoyani September 09, 2023 Governance
Mr. Bhaveshbhai Jasmatbhai Resignation of Mr. Bhaveshbhai Jasmatbhai Sojitra
8. Due to personal reason
Sojitra w.e.f January 23, 2024
Mr. Jatin Shah Appointment of Mr. Jatin Shah as Non-Executive To ensure better Corporate
9.
director w.e.f. January 23, 2024 Governance

 Under “Compliance with Corporate Governance” the composition of Nomination and Remuneration Committee will be read
as:

Our Company has formed the Nomination and Remuneration Committee as per Regulation 19 of SEBI Listing Regulations, 2015
as amended vide Resolution dated September 09, 2023 and reconstitute on January 24, 2024 The Nomination and Remuneration
Committee comprise the following:

Name of the Director Status in Committee Nature of Directorship

Ankit Jagdishbhai Kansara Chairman Independent Director
Kevinkumar Bavchandbhai Khoyani Member Independent Director
Mr. Jatin Shah Member Non-Executive Director

 Under “Our Key Managerial Personnel” the “Brief Profile of Key Managerial Personnel” the profile of Ms. Riya Bonnykumar
Aswani will be read as:

Ms. Riya Bonnykumar Aswani, Company Secretary & Compliance Officer, Age: 24Years

Ms. Riya Bonnykumar Aswani aged 24 years is Company Secretary & Compliance Officer of our Company. She was
appointed as company secretary w.e.f. September 29, 2023. She is qualified company secretary and fresher in experience.

SECTION IX - FINANCIAL INFORMATION OF OUR COMPANY - MANAGEMENT’S DISCUSSION & ANALYSIS

OF FINANCIAL CONDITIONS & RESULTS OF OPERATIONS

 Under “Results of Our Operation” sub point “Fiscal 2022 compared with Fiscal 2021” the Employee Benefit Expenses will
be read as follows:

Employee Benefit Expenses

Employee benefit expenses had increased by 2.47% from 476.31 Lakhs in Fiscal 2021 to 488.07 Lakhs in Fiscal 2022 majorly
due to increase in Salary & Wages from 434.31 lakhs in Fiscal 2021 to 445.07 Lakhs in Fiscal 2022

SECTION X – LEGAL AND OTHER INFORMATION - OUTSTANDING LITIGATIONS AND MATERIAL

DEVELOPMENT

 Under “Part 1: Litigation Relating to Our Company” sub heading “A. Filed Against Our Company” the “Litigation involving
Tax Liability” will be read as:

A.Y. 2019-20

As per details available on the website of the Income Tax Department M/s. V R Infraspace Limited (Earlier known as V R
Infraspace Private Limited) (hereinafter referred to as the “Assessee”) have been issued with a demand notice u/s. 154 of the
Income Tax Act, 1961, bearing document reference no. 2021201937001303530C dated May 28, 2021 raising a demand of
Rs. 78,670/- for A.Y. 2019-20 and the same is pending for payment. The Rectification has been filed with Rectification No
354725791180521 dated 18-05-2021 and it is not process till date.

 Under “Part 2: Litigation Relating to Our Directors and Promoter of the Company” sub head “A. Litigation Against Our
Directors and Promoter” the “Litigation involving Tax Liability” under Direct Tax the case of “Vipul Devichandra Rupareliya
(Managing Director Promoter)” for AY 2016-17 will be deleted.

 Under “Part 2: Litigation Relating to Our Directors and Promoter of the Company” sub head “A. Litigation Against Our
Directors and Promoter” the “Litigation involving Tax Liability” under Direct Tax the case of “M/s. N K Group (Partnership
Firm of Promoters)” will be read as:

A.Y. 2019-20

As per details available on the website of the Income Tax Department M/s. N K Group (Partnership firm of promoters)
(hereinafter referred to as the “Assessee”) have been issued with a notice u/s. 148A of the Income Tax Act, 1961, bearing
document identification no. ITBA/AST/F/148A(SCN)/2022-23/105087257(1) dated March 17, 2023 requiring the assessee
to show cause why notice u/s. 148 of the Act not be issued against the assessee. The said notice has been issued on the basis
of an information flagged in accordance with the risk management strategy mentioning that the assessee is in receipt of
contract receipt of Rs. 21,94,896/- for F.Y. 2018-19 and this income has escaped assessment.
 Subsequent to the above notice, the assessee has also been issued with a notice u/s. 274 r.w.s. 270A of the proposing to
impose penalty for concealment of income as detailed above and requiring the assessee to show cause in respect of above
and the same is pending.

The matter is still pending under proceeding. It is notice u/s 148 of the Act and no demand has still been raised in the matter.

A.Y. 2018-19

As per details available on the website of the Income Tax Department M/s. N K Group (Partnership firm of promoters)
(hereinafter referred to as the “Assessee”) have been issued with a demand notice u/s. 147 of the Income Tax Act, 1961,
bearing document reference no. 2022201837001724080T dated March 29, 2023 raising a demand of Rs. 5,81,990/- for A.Y.
2018-19.

However as per details available on the website, currently a demand of Rs. 4,92,640/- is pending for payment.

The assessee has filed an appeal with the Joint Commissioner (Appeals) vide acknowledgement no. 114016160120423 dated
April 12, 2023 and the same is pending.

A.Y. 2017-18

As per details available on the website of the Income Tax Department M/s. N K Group (Partnership firm of promoters)
(hereinafter referred to as the “Assessee”) have been issued with a demand notice u/s. 143(3) of the Income Tax Act, 1961,
vide order passed by Circle 3(1), Vadodara vide DIN No. ITBA/AST/S/143(3)/ 2019-20/1023510121(1) dated December 31,
2019 bearing document reference no. 2019201737089672374T raising a demand of Rs. 59,98,830/- for A.Y. 2017-18 in
addition to an interest of Rs. 2,140/-.

In continuation to the proceedings, the assessee has also been issued with a notice u/s. 274 r.w.s. 270A of the Act vide notice
bearing no. ITBA/PNL/S/270A/2019-20/1023510179(1) dated December 31, 2019 requiring the assessee to show cause why
penalty not be imposed u/s. 270A for under reporting of income.

The assessee has been further issued with a notice u/s. 274 r.w.s. 271AAC(1) bearing no. ITBA/PNL/S/271AAC(1)/2019-
20/1023517052(1) dated December 31, 2019 requiring the assessee to show cause why penalty not be imposed u/s.
271AAC(1) since the income determined in the case of assessee is chargeable to tax u/s. 115BBE of the Act.

Aggrieved by the order, the Company has preferred an appeal bearing no. CIT(A), Vadodara-3/10823/2019-20 and the same
is pending before National Faceless Appeal Centre (NFAC). However as per details available on the website, currently a
demand of Rs. 59,97,830/- in addition to an interest of Rs. 2140/- is outstanding and the same is pending for payment.

The Company has submitted its response vide letter dated March 22, 2023 in Form 35, explaining the calculation of the
returned income for the A.Y. 2019-20 and denying the allegations made in the concerned Show cause Notice and the matter
is pending for further proceeding.

A.Y. 2016-17

As per details available on the website of the Income Tax Department M/s. N K Group (Partnership firm of promoters)
(hereinafter referred to as the “Assessee”) have been issued with a demand notice u/s. 143(1)(a) of the Income Tax Act, 1961,
bearing document reference no. 2017201637019349425T dated June 19, 2017 raising a demand of Rs. 2,01,360/- for A.Y.
2016-17 and the same is pending for payment.

The assessee has filed an appeal with the Joint Commissioner (Appeals) vide acknowledgement no. 492761381121016 and
the same is pending.

SECTION X – LEGAL AND OTHER INFORMATION - GOVERNMENT AND OTHER APPROVALS

 Under “Approvals / Licenses / Permissions in Relation to Our Business” the following will be read as follows:

Tax Related Approvals

Address of Place of Registration Issuing Date of Date of

[Link] Description
Business / Premises Number Authority issue Expiry
 Permanent Account --- AAFCV3068 Income Tax December Valid till
1. Number (PAN) F Department 16, 2015 Cancelled
Tax Deduction and M/S V R Infraspace BRDV02278 Income Tax December Valid till
Collection Account Private Limited D Department 16, 2015 Cancelled
Number (TAN) National Trade Center, N
2. H 8 Opp L and T
Bapod,Vadodara,
Vadodara-390019,
Gujarat,
3. GST Registration M/S V R Infraspace 24AAFCV30 Goods and July01, Valid till
Certificate (Gujarat) Private Limited 68F1ZE Services Tax 2017 Cancelled
National Trade Center, N department
H 8 Opp L and T
Bapod,Vadodara,
Vadodara-390019,
Gujarat,
4. Professions Tax M/S V R Infraspace PEC02053197 Vaodara December Valid till
Payer Registration Private Limited 5 Municipal 08, 2023 Cancelled
certificate National Trade Center, N Corporation
(P.T.E.C.) H 8 Opp L and T
Bapod,Vadodara,
Vadodara-390019,
Gujarat,
5. Professions Tax M/S V R Infraspace PRC0205130 Vaodara December Valid till
Payer Registration Limited 40 Municipal 08, 2023 Cancelled
certificate 11/12, 4th Floor, VR Corporation
(P.T.R.C.) One, Opp. L&T
Knowledge City,
N.H.08, Vadodara-
390022

Registrations related to Labour Laws:

License Issuing Date of Date of

S. No. Description Address
Number Authority issue Expiry
Udhyam M/S V R Infraspace UDYAM-GJ- Ministry of September Valid till
Registration Limited, National Trade 24-0005297 Micro Small & 25,2020 Cancelled
Certificate Center, N H 8 Opp L and Medium
1. Enterprises
T Bapod,Vadodara,
Vadodara-390019,
Gujarat,
Certificate of For the project JDISH/BRD/B Deputy November December
Registration for OCW/471/2023 Director, 01, 2023 31, 2026
Employer Under VR Infinity Industrial
the Building and Safety &
Other F. P No. 81, 82, R.S. No. Health, Baroda
Construction 509, 508/2, T.P.S. No.44,
2. Workers, At Village Bapod,
(Regulation Of Vadodara, Gujarat
Employment And
Conditions Of
Service) Central
Rules, 1998

Certificate Of For the project JDISH/BRD/B Deputy May 01, June 30,
Registration for OCW/ 297/2023 Director, 2023 2027
3.
Employer Under VR Vivanta Industrial
the Building And
 Other F. P No. 29, R.S. No. Safety &
Construction 577/1, T.P.S. No. 2 of Health, Baroda
Workers, village Sayajipura,
(Regulation Of Taluka and dist.
Employment And Vadodara, Sayajipura,
Conditions Of Vadodara, Gujarat
Service) Central
Rules, 1998
Application under 11/12, 4th Floor, VR One, Intimation No.: Vadodara December NA
4. Gujarat Shops and Opp. L&T Knowledge I-A-W05- Municipal 16, 2023
Establishments City, N.H.08, Vadodara- 0010624 Corporation
Act, 2019 390022

Registrations related to Completed Projects:

Address Date of
License/
Project Issuing Issue and/
S. No. License Type Registration
Name Authority or
No.
Validity
R S No. 400/1, FP 87, RERA Registration PR/GJ/VADOD Gujarat Real August 01,
TP 44, Opp. L & T under Real Estate ARA/VADOD Estate 2019 till
VR (Regulation & December
1. Knowledge City, N H ARA/Others/R Authority
Imperia Development) Act, 31, 2023
8, Vadodara, Gujarat AA06115/A1R/
2016 270520
F. P No. 80/2, 82, 87, Completion Certificate Ward 9 Vadodara March 30,
R.S. No. 510, 509, from Vadodara 40/2/2021-22 Municipal 2022
508/2, 400/1, T.P.S. Municipal Corporation Corporation
VR No.44 of village Construction Construction
2. Permission department Permission
Imperia Bapud, Taluka and
dist. Vadodara, department
Bapod, Vadodara,
Gujarat
F. P No. 80/2, 82, 87, Occupation Certificate Ward 05 Vadodara September
R.S. No. 510, 509, from Vadodara 14/2023-2024 Municipal 08, 2023
508/2, 400/1, T.P.S. Municipal Corporation Corporation
VR No.44 of village Construction Construction
3. Permission department Permission
Imperia Bapud, Taluka and
dist. Vadodara, department
Bapod, Vadodara,
Gujarat
RS No. 400 1 & 510, RERA Registration PR/GJ/VADOD Gujarat Real April 10,
TP 44 FP 87 802, under Real Estate ARA/VADOD Estate 2019 till
4. VR One Moje Bapod (Regulation & ARA/Others/C Authority September
Vadodara, Gujarat Development) Act, AA05246/1004 30, 2022
2016 19
RS No. 400 1 & 510, Completion Certificate Ward 05, Vadodara February
TP 44 FP 87 802, from Vadodara 29/1/2022-2023 Municipal 15, 2023
Moje Bapod Municipal Corporation Corporation
5. VR One Construction Construction
Vadodara, Gujarat
Permission department Permission
department
RS No. 400 1 & 510, Occupation Certificate Ward 05, Vadodara August 04,
TP 44 FP 87 802, from Vadodara 10/2023-2024 Municipal 2023
Moje Bapod Municipal Corporation Corporation
6. VR One Construction Construction
Vadodara, Gujarat
Permission department Permission
department
 Behind Narayan Completion Certificate Ward 6/ Vadodara March 29,
Aura, Sunpharma from Vadodara 96/1/2018-2019 Municipal 2019
VR Municipal Corporation Corporation
Road, Atladara
7. Celebrity Construction Construction
Luxoria R.S. No. 129, TP 25
Permission department Permission
department
Behind Narayan Occupation Certificate Ward 6/ Vadodara October
Aura, Sunpharma from Vadodara 26/1/2020-2021 Municipal 19, 2020
VR
Road, Atladara Municipal Corporation Corporation
8. Celebrity
R.S. No. 129, TP 25 Construction Construction
Luxoria
Permission department Permission
department
T.P No. 39, F.P No. Completion Certificate Ward 4/ Vadodara October
35, O.P. No. 35, from Vadodara 42/1/2021-22 Municipal 30, 2021
Zillion Tarsali Municipal Corporation Corporation
9. Construction Construction
Landmark
Permission department Permission
department
T.P No. 39, F.P No. Occupation Certificate Ward 16, Vadodara August 25,
35, O.P. No. 35, from Vadodara 11/2022-2023 Municipal 2022
Zillion Tarsali Municipal Corporation Corporation
10.
Landmark Construction Construction
Permission department Permission
department

Registrations related to Upcoming Projects:

Address Date of
License/
Issuing Issue and/
S. No. Project Name License Type Registration
Authority or
No.
Validity
F. P No. 81, 82, R.S. Approval from Ward -5 Vadodara July 06,
No. 509, 508/2, Town HB-45/2023-24 Mahanagarpa 2023
1. VR Infinity T.P.S. No.44, At Development lika Town
Village Bapod, Authority Development
Vadodara, Gujarat Vibhag
F. P No. 81, 82, R.S. No Objection VADO/WEST/ Airports September
No. 509, 508/2, Certificate for B/090618/3329 Authority of 24, 2018
2. VR Infinity T.P.S. No.44, At Height clearance 61 India till
Village Bapod, September
Vadodara, Gujarat 26, 2026
F. P No. 81, 82, R.S. Fire Safety REG230100103 Vadodara May 10,
No. 509, 508/2, Opinion Fire & 2023
T.P.S. No.44, At Emergency
3. VR Infinity Village Bapod, Services,
Vadodara, Gujarat Vadodara
Municipal
Corporation
F. P No. 29, R.S. No. Approval from Ward/5, HB- Vadodara June 02,
577/1, T.P.S. No. 2 of Town 28/2023-24 Municipal 2023 till
village Sayajipura, Development Corporation June 01,
4. VR Vivanta Taluka and dist. Authority 2027
Vadodara,
Sayajipura,
Vadodara, Gujarat
F. P No. 29, R.S. No. No Objection VADO/WEST/ Airport April 27,
5. VR Vivanta 577/1, T.P.S. No. 2 of certificate for B/040622/6645 Authority of 2022 till
village Sayajipura, Height Clearance 73 India
 Taluka and dist. April 26,
Vadodara, 2030
Sayajipura,
Vadodara, Gujarat
F. P No. 29, R.S. No. Fire Safety Reg. No. Vadodara July 26,
577/1, T.P.S. No. 2 of Opinion REG230100164 Fire & 2023
village Sayajipura, Emergency
6. VR Vivanta Taluka and dist. Services,
Vadodara, Vadodara
Sayajipura, Municipal
Vadodara, Gujarat Corporation
F. P No. 29, R.S. No. Registration under PR/GJ/VADOD Gujarat Real October
577/1, T.P.S. No. 2 of Gujarat Real ARA/VADOD Estate 26, 2023 to
village Sayajipura, Estate Regulatory ARA/Others/R Regulatory June 30,
7. VR Vivanta Taluka and dist. Authority AA12544/2610 Authority 2030
Vadodara, (RERA) 23
Sayajipura,
Vadodara, Gujarat

LICENSES APPLIED FOR:

Description Address of Premises Authority to Date of Acknowledge Current

which Application ment no. Status
S. No.
application
made
V R VIVANTA Gujarat pollution August 10, SIA/GJ/INFR Applied
control Board 2023 A2/439964/20
Application F. P No. 29, R.S. No. 23
for 577/1, T.P.S. No. 2 of
1.
environmental village Sayajipura,
Clearance Taluka and dist.
Vadodara, Sayajipura,
Vadodara, Gujarat
V R INFINITY Gujarat pollution August 01, SIA/GJ/INFR Applied
control Board 2023 A2/429573/20
Application
F. P No. 81, 82, R.S. 23
for
2. No. 509, 508/2, T.P.S.
environmental
No.44, At Village
Clearance
Bapod, Vadodara,
Gujarat

SECTION XII - OTHER REGULATORY AND STATUTORY DISCLOSURES

 The “Statement on Price Information of Past Issues handled by Beeline Capital Advisors Private Limited” will be read as
follows:

Statement on Price Information of Past Issues handled by Beeline Capital Advisors Private Limited:
 MAIN BOARD IPO’s
NIL
SME ISSUES
Sr. Issuer Name Issue Issue Listing Opening +/- % Change +/- % Change +/- % Change in
No Size Price (₹) Date Price on in Closing in Closing Closing Price,
(₹ in Listing Price, (+/- % Price, (+/- % (+/- % Change
Cr.) Date Change in Change in in Closing
(₹) Closing Closing Benchmark)
Benchmark) Benchmark) 180thCalendar
30thCalendar 90thCalendar Days from
Days from Days from Listing
Listing Listing
1. Vinsys It Service August 11, 132.11% 126.56%
49.84 128.00 196.45 N.A.
India Limited 2023 (+2.02%) (+0.08%)
2. Chavda Infra September 33.92% 23.23%
43.26 65.00 91.00 N.A.
Limited 25, 2023 (-2.00%) (+8.51%)
3. Kody Technolab September 44.88% 167.78%
27.52 160.00 170.00 N.A.
Limited 26, 2023 (-2.76%) (+8.57%)
4. Hi-Green carbon September 101.47% 140.20%
52.80 75.00 77.00 N.A.
Limited 28, 2023 (-2.44%) (+9.82%)
5. Karnika Industries October 12, 78.75% (- 107.24%
25.07 76.00 81.00 N.A.
Limited 2023 1.86%) (+8.84%)
6. Arvind and
October 25, 26.56%
Company Shipping 14.74 45.00 80.00 N.A. N.A.
2023 (+3.56%)
Agencies Limited
7. Rajgor Castor October 31, -0.80%
47.81 50.00 59.00 N.A. N.A.
Derivatives 2023 (+5.33%)
8. Sheetal Universal December 22.14% N.A. N.A.
23.80 70.00 75.00
Limited 11, 2023 (+2.61%)
9. Benchmark
December N.A. N.A. N.A.
Computer Solutions 12.24 66.00 80.00
21, 2023
Limited
10. December N.A. N.A. N.A.
Indifra Limited 14.04 65.00 72.00
29, 2023

SECTION XV – OTHER INFORMATION - DECLARATION

 Under the “Signed by Directors of our Company” the details of Mr. Bhaveshbhai J Sojitra will be deleted and Mr. Jatin Shah
will be updated.

Note – The name of our Subsidiary “Narnarayan Enterprises” is changed to “Daxon Realty” in Registrar of Firm dated February
12, 2024. We will update the name of subsidiary at respective places while filing Prospectus in RoC. Also the restated financial
statement for the period ended September 30, 2023 will be updated in Prospectus wherever applicable.