Key Quantitative Figures

  • Total IPO proceeds raised: ₹3,019.73 lakhs
  • Amount utilized: ₹1,680.37 lakhs (55.65% achievement)
  • Balance unutilized amount: ₹1,339.36 lakhs
  • Amount proposed for variation: ₹712.98 lakhs
  • Original allocation for capital expenditure (4 new stores): ₹1,247.00 lakhs
  • Working capital requirements: ₹950.00 lakhs (fully utilized)
  • General corporate purpose: ₹402.73 lakhs (fully utilized)
  • Issue related expenses: ₹420.00 lakhs (₹327.64 utilized, ₹92.36 balance)

Detailed Breakdown of Proposed Variation

| Location | Original Allocation | New Allocation | Purpose Change |

| Mumbai - Kalaghoda | ₹523.28 lakhs | ₹523.28 lakhs | Redirected to expansion of existing Santacruz showroom (newly acquired Basement, 3rd Floor, 4th Floor) |

| Surat - Athwalines | ₹189.70 lakhs | ₹189.70 lakhs | Redirected to new showroom at Ahmedabad (Sigma Commerce Zone) due to cancellation by property owner |

| Hyderabad | ₹323.04 lakhs | No change | Original purpose maintained |

| Bengaluru | ₹319.01 lakhs | No change | Original purpose maintained |

Estimated Costs for New/Expanded Showrooms

  • Santacruz Mumbai expansion (5,000 sq. ft.): ₹660.41 lakhs fit-out cost (₹13,208 per sq. ft.)
  • Ahmedabad new showroom (9,000 sq. ft.): ₹595.27 lakhs fit-out cost (₹6,614 per sq. ft.) + ₹157.32 lakhs yearly rental + ₹26.22 lakhs security deposit
  • Total estimated cost: ₹1,439.22 lakhs
  • Funding: ₹712.98 lakhs from IPO proceeds, balance from internal accruals/bank funding

Dates and Timeline

  • Board approval date: 1st September, 2026
  • Cut-off date for shareholders: 28th August, 2026
  • E-voting period: 2nd September, 2026 (9:00 AM IST) to 1st October, 2026 (5:00 PM IST)
  • Result declaration: By 3rd October, 2026 (within 2 working days)
  • Proposed completion timeline: Within 12 months from shareholder approval

Parties Involved

  • Scrutinizer: M/s. Nirav Shah & Associates, Practicing Company Secretary
  • E-voting service provider: National Securities Depository Limited (NSDL)
  • Registrar and Share Transfer Agent: Skyline Financial Services Private Limited
  • Property owner (Surat cancellation): Gokul Space Developers Private Limited
  • Acquisition counterparty (Mumbai): Religare Finvest Limited

Rationale for Variation

1. Surat Location: Lease agreement cancelled by property owner (Gokul Space Developers Private Limited) via letter dated July 15, 2026

2. Mumbai Location: Company acquired additional premises at existing Santacruz location through e-auction under SARFAESI Act, making expansion more commercially viable than new Kalaghoda showroom

3. Ahmedabad Alternative: Selected based on current business requirements and commercial feasibility

Voting Process Details

  • Voting method: Remote e-voting only (no physical ballots)
  • Voting rights: One vote per equity share
  • Scrutinizer: M/s. Nirav Shah & Associates to validate votes
  • Results will be displayed on company website (www.riyaasat.in) and BSE website (www.bseindia.com)

Financial Impact

The variation represents a reallocation within the capital expenditure objects without changing the total amount of IPO proceeds. The overall business activities remain unchanged.

Governance Approval

  • Audit Committee reviewed and recommended the variation
  • Board of Directors approved the proposal on 1st September, 2026
  • No directors or KMPs have financial interest except through shareholding