Key Quantitative Figures

  • Gross IPO Proceeds: ₹11,024.00 lakh (₹110.24 crore)
  • Offer Expenses: ₹500.45 lakh
  • Net Proceeds: ₹10,523.55 lakh
  • Total Utilized as of Q3 FY27: ₹10,382.16 lakh (98.2% of net proceeds)
  • Unutilized Amount: ₹641.84 lakh (parked in fixed deposits)

IPO Details

  • Issue Period: February 23, 2026 to February 25, 2026
  • Type: Equity Shares IPO
  • Monitoring Agency: CRISIL Ratings Limited
  • Reporting Quarter: September 30, 2026

Utilization by Object with Revisions

Original vs Revised Cost Structure:

1. 6.1 MW Solar Power Plant: Original ₹734.55 lakh → No revision (fully utilized)

2. Wind Power Plant: Original ₹3,900.00 lakh → Revised ₹2,511.00 lakh (reduction of ₹1,389.00 lakh)

3. Debt Repayment: Original ₹1,489.00 lakh → Revised ₹2,352.26 lakh (increase of ₹863.26 lakh)

4. Working Capital: ₹4,400.00 lakh → No revision

5. Machinery for Expansion: New object added → ₹525.74 lakh

Quarterly Utilization Progress:

  • Solar Power Plant (6.1 MW): Fully utilized ₹734.55 lakh as of Q1 FY27
  • Wind Power Plant (3.1 MW):
  • Beginning of quarter: ₹1,369.16 lakh
  • During quarter: ₹500.00 lakh
  • End of quarter: ₹1,869.16 lakh
  • Unutilized: ₹641.84 lakh
  • Debt Repayment: Fully utilized ₹2,352.26 lakh as of Q2 FY27
  • Working Capital: Fully utilized ₹4,400.00 lakh as of Q1 FY27
  • Machinery for Expansion:
  • During quarter: ₹525.74 lakh
  • End of quarter: ₹525.74 lakh (fully utilized)
  • Issue Expenses: ₹500.45 lakh fully utilized

Deployment of Unutilized Proceeds

The unutilized ₹641.84 lakh was parked in fixed deposits with State Bank of India:

  • FD 45305488634: ₹500.00 lakh, matured July 23, 2026, earned ₹2.05 lakh (5.0% return)
  • FD 45319234526: ₹200.00 lakh, matured July 29, 2026, earned ₹0.50 lakh (3.05% return)

Total investment value: ₹702.56 lakh including earnings

Audit and Certification

Certificate dated October 15, 2026, issued by M/s Doshi Doshi & Co., Chartered Accountants (Firm Registration Number: 153683W), Peer Reviewed Independent Chartered Accountant.

Implementation Delay

Wind power plant implementation delayed beyond original Fiscal 2026 completion date. Company cites operational considerations and will deploy unutilized proceeds in subsequent fiscals as permitted by offer document.

Board Meeting Details

  • Date: October 30, 2026
  • Time: 4:00 PM to 4:45 PM
  • Approval: Board approved the Monitoring Agency Report