Not 100% sure but mostly when QIP was done, the purpose for QIP didn’t had mention of buying land and thus they cannot use those funds for buying land. So they indicated that it would be funded through internal accruals and debt and not QIP funds. That’s the reason I wrote indirect usage of QIP funds for purchase of land. Again saying, I don’t feel its best decision of management to buy land, but considering the fact that captive production facility by Celebrity is very much advantageous to Indian Terrain and that this deal would help Celebrity the most to come out of crisis, its ok and may be necessary to do.
More crucial is how effectively they use remaining Rs. 60 crores of QIP funds.
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