Key Quantitative Figures
- Unutilized IPO proceeds amount: ₹20.27 Crores
- Funds earmarked for: "setting up of warehouses" as per prospectus dated September 23, 2023
- New utilization timeline: Until 30th September, 2027
Dates of Action
- Previous board resolution date: 29th September, 2026
- Current board meeting date: 03rd November, 2026
- Meeting duration: 12:30 PM to 5:00 PM
- Previous communications: March 29, 2026 and September 29, 2026
Parties Involved
- Regulatory authority: National Stock Exchange of India Limited
- Company representatives: Audit Committee, Board of Directors, Management
Purpose and Rationale
The revision restores the original commitment in terms of the prospectus and does not involve any change in the objects of the issue. The management represented that encouraging developments have occurred regarding warehouse setup, including progress in negotiations with vendors and accelerated legal due diligence process.
Monitoring and Compliance
The Company will continue to place the quarterly Monitoring Agency Report along with the Statement of Deviation before the Audit Committee and submit the same to the stock exchanges.
Background Context
The Company has successfully utilized the substantial portion of its IPO proceeds in line with the objects specified in the Prospectus. The previous resolution on September 29, 2026 had proposed deploying the ₹20.27 crores for setting up new stores instead of warehouses, with warehouses to be pursued through internal accruals.