IPO Fund Utilization Details
Fund Raising Details:
- Mode: Initial Public Offer (IPO)
- Date of Raising Funds: November 09, 2022
- Issue Size: ₹400.00 Crores
- Expenses incurred: ₹26.97 Crores
- Net Proceeds available: ₹373.03 Crores
- Monitoring Agency: CARE Ratings Limited
Utilization Against Objects (as of June 30, 2026):
- Repayment/Prepayment of borrowings: Original Allocation ₹110.00 Cr, Utilized ₹110.00 Cr
- Working capital requirements: Original Allocation ₹160.00 Cr, Utilized ₹160.00 Cr
- Investment in Wholly Owned Subsidiary (Raneal Advanced Systems Private Limited): Original Allocation ₹44.88 Cr, Modified Allocation ₹19.80 Cr, Utilized ₹19.80 Cr
- General Corporate Purposes: Original Allocation ₹58.15 Cr, Modified Allocation ₹83.23 Cr, Utilized ₹67.23 Cr
- Total Funds Utilized: ₹357.03 Crores
QIP Fund Utilization Details
Fund Raising Details:
- Mode: Qualified Institutional Placement (QIP)
- Date of Raising Funds: January 19, 2024
- Issue Size: ₹500.00 Crores
- Expenses incurred: ₹13.35 Crores
- Net Proceeds available: ₹486.65 Crores
- Monitoring Agency: CARE Ratings Limited
Utilization Against Objects (as of June 30, 2026):
- Investment in Subsidiary (NIART Systems Ltd): Original Allocation ₹209.00 Cr, Utilized ₹209.00 Cr
- Investment in joint ventures and/or subsidiaries: Original Allocation ₹200.00 Cr, Utilized ₹0.00 Cr
- General Corporate Purposes: Original Allocation ₹77.65 Cr, Utilized ₹0.72 Cr
- Total Funds Utilized: ₹209.72 Crores
Regulatory Compliance & Review
- The statement was reviewed by the Audit Committee at its meeting held on August 12, 2026
- Audit Committee Comments: No Comments
- Auditors Comments: No Comments
- There is no deviation or variation in the use of funds raised through both IPO and QIP
- No shareholder approval was required or obtained as there were no deviations