Fund Raising Details

  • Mode of Fund Raising: Public Issue
  • Date of Raising Funds: October 15, 2025
  • Amount Raised: ₹57.79 crore
  • Monitoring Agency: Credit Rating Information Services of India Limited

Deviations in Fund Utilization

Capital Expense for Plant and Machinery

  • Original Allocation: ₹6.13 crore
  • Amount Utilized: ₹5.90 crore
  • Deviation Amount: ₹1.10 crore
  • Deviation Details:
  • ₹1.87 crore utilized for purchases from vendors different from those disclosed in Prospectus
  • ₹1.10 crore utilized towards civil work-related expenses, which was not a specified use under this object

Working Capital Requirements

  • Original Allocation: ₹28.00 crore
  • Amount Utilized: ₹36.25 crore
  • Deviation Amount: ₹8.25 crore (excess utilization)
  • Reason: Business exigencies and operational requirements during H1 FY27

Other Objects (No Deviation)

  • Repayment of Debt: Original allocation ₹11.50 crore, utilized ₹4.27 crore
  • General Corporate Purpose: Original allocation ₹6.77 crore, utilized ₹6.64 crore
  • Issue Related Expenses: Original allocation ₹5.39 crore, utilized ₹4.73 crore

Governance and Compliance

  • Audit Committee reviewed and approved the statement
  • Board of Directors taken on record
  • Statutory Auditor certificate provided by Patel & Panchal, Chartered Accountants (Firm Registration No.: 123744W)
  • No shareholder approval required as deviation is not pursuant to change in terms of contract or objects

Management Explanation

Expenditures were incurred for implementation and operationalization of the project and are related to the overall capital expenditure object. The utilization was made considering business exigencies and operational requirements of the Company.

Audit Committee Comments

The Committee reviewed management explanations and noted that:

1. Expenditures were incurred for implementation and operationalization of the project

2. Utilization was related to the overall capital expenditure object

3. Company proposes to regularize and align utilization within overall limits of IPO proceeds in subsequent periods

Financial Impact

Total deviation/variation amount: ₹9.35 crore (₹1.10 crore + ₹8.25 crore)