Key Quantitative Figures
- Total IPO Proceeds Raised: ₹1,056.00 Lakhs (through issuance of 16,00,000 equity shares at ₹66 per share)
- Proceeds Utilized as on Date: ₹969.69 Lakhs (91.83% of total proceeds)
- Unutilized Proceeds: ₹86.32 Lakhs (held as fixed deposits with ICICI Bank Limited)
- Amount Proposed for Reallocation: ₹63.74 Lakhs (₹60.50 Lakh from capital expenditure head + ₹3.24 Lakh from issue expenses head)
- Cost of New Machinery Proposed: USD 84,000 (approximately ₹80.74 Lakhs at exchange rate of ₹96.11/USD)
Special Resolution Details
The company seeks approval for the following special resolution through postal ballot:
"Alteration in terms of Objects of the Issue proceeds raised vide Prospectus dated October 06, 2025"
Original IPO Objects and Utilization Status
Original Objects as per Prospectus (October 6, 2025):
| Object | Amount Allocated (₹ Lakhs) |
| Capital Expenditure for plant & machinery | 200.00 |
| Repayment of borrowings | 257.63 |
| Working capital requirements | 350.00 |
| General corporate purposes | 155.00 |
| Public issue expenses | 93.37 |
| Total | 1,056.00 |
Actual Utilization Status as on Date:
| Object | Amount Utilized (₹ Lakhs) | Unutilized Amount (₹ Lakhs) | % Utilization |
| Capital Expenditure | 122.92 | 77.08 | 61.46% |
| Borrowing Repayment | 257.63 | 0.00 | 100.00% |
| Working Capital | 350.00 | 0.00 | 100.00% |
| General Corporate | 155.00 | 0.00 | 100.00% |
| Issue Expenses | 84.14 | 9.24 | 90.10% |
| Total | 969.69 | 86.32 | 91.83% |
Rationale for Variation
The company provides detailed justification for not proceeding with originally planned machinery purchases:
1. Elastic Tape Winding Machine: Price increased by ~25% + exchange rate fluctuations made procurement commercially unviable
2. Needle Loom Jacquard Machines: Significant price increase + limited demand for premium products
3. Rubber Covering Machine: Did not meet technological requirements for high-quality elastic products
4. Diesel Generator: Power infrastructure improvements made backup power unnecessary
Proposed New Utilization
The company proposes to utilize ₹63.74 Lakh towards purchasing:
- 4 Crochet Knitting Machines (₹23.64 Lakh)
- 12 Coiling Machines (₹32.29 Lakh - 2 units @ ₹5.38 Lakh + 10 units @ ₹26.91 Lakh)
- 12 Stitching Machines (₹24.79 Lakh - 2 units @ ₹4.13 Lakh + 10 units @ ₹20.66 Lakh)
Total Cost: ₹80.74 Lakh (funded by ₹63.74 Lakh from IPO proceeds + ₹13.66 Lakh from internal accruals + ₹3.34 Lakh already allocated for internal funding)
Voting Schedule and Process
- Cut-off Date: July 10, 2026 (for determining voting eligibility)
- E-voting Period: July 19, 2026 (9:00 AM IST) to August 17, 2026 (5:00 PM IST)
- Result Declaration: August 19, 2026
- Scrutinizer: CS Hardikkumar Jetani, Practicing Company Secretary
- E-voting Agency: National Securities Depository Limited (NSDL)
Financial Impact Assessment
The management believes the proposed alteration will:
- Enable value-added manufacturing activities
- Expand product portfolio to include zipper chains and finished zippers
- Reduce dependence on external suppliers
- Improve operational efficiency and control over product quality
- Enhance long-term earnings and cash flows
Documents Available for Inspection
All relevant documents are available for inspection at the registered office during business hours and on the company's website (www.sihoragroup.com) until the last date of e-voting.