Key Quantitative Figures
- IPO Date: August 28, 2024
- Total Amount Raised: ₹214.76 crore
- Fresh Issue Gross Proceeds: ₹120.00 crore
- Net Proceeds from Fresh Issue: ₹107.93 crore
- Offer for Sale Component: ₹94.76 crore
- Total Funds Utilized as of September 30, 2026: ₹85.00 crore
Detailed Fund Utilization Against Objects
| Object | Original Allocation (₹ Cr) | Funds Utilized (₹ Cr) | Deviation | Remarks |
| Acquisition of office premises at Navi Mumbai | 10.35 | 10.35 | None | - |
| Funding of capital expenditure requirements | 79.65 | 48.96 | None | - |
| General corporate purposes | 17.93 | 17.93 | None | - |
| Issue expenses | 12.07 | 7.76 | ₹3,266.64 excess | Payment included GST component contrary to prospectus |
Explanation of Deviation
The deviation relates specifically to issue expenses. While the prospectus stated that utilization towards issue expenses should exclude Goods and Services Tax (GST), the company utilized proceeds by making payments to certain vendors including GST during the quarter ended September 30, 2026. This resulted in an excess payment of ₹3,266.64 specifically for ASBA commissions.
Regulatory and Governance Response
- Monitoring Agency: CARE Rating Limited
- Audit Committee Comments: Noted the deviation as reported in the monitoring agency report. Recommended that the Board of Directors take less reimbursement of issue expenses in the company account to the extent of the excess GST amount paid.
- Board Action: The Board of Directors have taken note and are in the process of implementing the reimbursement.
- Auditor Comments: Confirmed that offer-related expenses with regards to the fresh issue as disclosed in the prospectus excluded GST component, but actual payments from the IPO Public Escrow Account included GST.
Financial Impact
The financial impact is quantified as ₹3,266.64 in excess payments for the reporting quarter. The company is processing reimbursement of this amount.