Issue Details

  • Issue Type: Fresh Issue of Equity Shares
  • Issue Period: Anchor investors - September 22, 2026; Others - September 23-25, 2026
  • Total Issue Size: ₹300.00 Crores
  • Number of Shares: 80,00,000 equity shares
  • Issue Price: ₹375 per share
  • Funds Received: ₹300.00 Crores (fully received by October 3, 2026, with ₹299.98 crore received by September 30, 2026)

Utilization of Proceeds (as of September 30, 2026)

Objects and Utilization Status:

1. Funds for securing PBGs for business expansion

  • Proposed: ₹155.00 Crores
  • Utilized: ₹0.00 Crores (0% utilization)
  • Unutilized: ₹155.00 Crores
  • Completion Timeline: Up to FY28 (ongoing)

2. Funding working capital requirements

  • Proposed: ₹60.00 Crores
  • Utilized: ₹0.00 Crores (0% utilization)
  • Unutilized: ₹60.00 Crores
  • Completion Timeline: Up to FY27 (ongoing)

3. Prepayment/repayment of outstanding borrowings

  • Proposed: ₹6.50 Crores
  • Utilized: ₹0.00 Crores (0% utilization)
  • Unutilized: ₹6.50 Crores
  • Completion Timeline: Up to FY27 (ongoing)

4. General corporate purposes

  • Proposed: ₹42.27 Crores
  • Utilized: ₹0.00 Crores (0% utilization)
  • Unutilized: ₹42.27 Crores
  • Completion Timeline: Up to FY27 (ongoing)

5. Issue Expenses

  • Proposed: ₹36.23 Crores
  • Utilized: ₹28.85 Crores (79.63% utilization)
  • Unutilized: ₹7.38 Crores

Total Utilization Summary:

  • Total Proceeds Raised: ₹300.00 Crores
  • Total Utilized: ₹28.85 Crores (9.62% utilization)
  • Total Unutilized: ₹271.15 Crores (90.38% unutilized)

Deployment of Unutilized Proceeds

As of September 30, 2026, the unutilized amount of ₹271.15 Crores was held in the Company's Public Issue Account (Account No. 000405167383) with M/s. Armee Infotech Limited.

Monitoring Agency Findings

  • Deviation from objects: No deviation observed
  • Shareholder approval for material deviations: Not applicable (no deviations)
  • Means of finance changed: Not applicable
  • Government/statutory approvals: All obtained as per company confirmation
  • Technical assistance/collaboration arrangements: Not applicable
  • Favorable events affecting viability: None reported
  • Unfavorable events affecting viability: None reported
  • Other material information: None reported

Certifications and Verification

The report has been verified by Kantilal Patel & CO. Chartered Accountants (FRN: 104744W) through their CA Certificate dated November 5, 2026, and Company Statement dated November 5, 2026.

Promoter Details

  • Mr. Ridhish Kiritbhai Patel
  • Ms. Ami Ridhish Patel
  • Mr. Kiritkumar Chimanbhai Patel

Industry Classification

IT infrastructure and IT managed services

Disclaimer Statements

The Monitoring Agency declares no direct/indirect interest in or relationship with the issuer/promoters/directors/management. The report is based on information provided by the issuer and does not constitute an audit. The MA accepts no responsibility for loss or damage from the use of the information.