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The Projects will initially be highly capital intensive, given the development status of the assets within the Initial Portfolio. The Directors do not therefore anticipate that dividends will be paid in the foreseeable future. The Directors will consider the payment of dividends when it becomes commercially prudent to do so. The Directors anticipate that the earliest realisation date for any of its initial investments may be at least three years and that the typical investment cycle for a Project will be between three and seven years before final disposal of the Group's interest.
Further, under current FDI restrictions in India, the amount of an overseas investor's original investment in each real estate project cannot be repatriated for at least three years from the date of investment in the case of equity shares or five years from the date of investment in the case of preference shares. Such restrictions are expected to apply to the Group were the Group's investments to be received by an Indian Investment vehicle selling all or part of its stake in a Project or if the Group wanted to sell all or part of its shareholding in an Indian Investment Vehicle.
The Directors do not intend to pay dividends out of capital unless the Group has generated profits which have not yet been remitted to and realised by the Company.
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Dividend Policy