IPO Details
The company issued 32,20,000 equity shares of ₹10 each at a premium of ₹253 each as fresh issue and offered 32,20,000 equity shares of ₹10 each at a premium of ₹253 each as offer for sale by way of public issue. The company got listed on SME Platform of BSE Limited on January 27, 2025.
Fund Utilization Details
| Particulars | Amount Allocated (₹ in lakhs) | Amount Utilized till 31st March 2026 (₹ in lakhs) | Amount recovered against OFS issue expenses (₹ in lakhs) | Amount unutilized (₹ in lakhs) | Remarks |
| Technical Advancement of Leading-edge Technology | 1,782.00 | 328.96 | - | 1,453.04 | NIL |
| Increase in Spending on Business Developments | 1,516.45 | 164.06 | - | 1,352.39 | NIL |
| Investment in Subsidiary | 500.00 | 2.00 | - | 498.00 | NIL |
| Funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes | 553.00 | 70.75 | - | 482.25 | NIL |
| Issue Related Expenses | 2,117.15 | 2,110.91 | (1,140.22) | 1,146.46 | Refer Note (b) |
| Total | 8,468.60 | 2,674.70 | (1,140.22) | 6,934.12 | NIL |
Key Notes
Note (a): The unutilized amount of the IPO proceeds of ₹6,934.12 lakh are invested in Fixed Deposits and Bank accounts.
Note (b): During the previous year, the Company had inadvertently considered gross issue expenses amounting to ₹2,117.15 lakh including expenses attributable to the Offer for Sale (OFS) portion as gross issue expenses, instead of restricting the same to the net issue expenses attributable to the Company. The amount attributable to the OFS portion (₹1,140.22 lakh) was subsequently recovered from the respective selling shareholders on November 24, 2025. A consequential correction was carried out during the current financial year in respect of the excess debit made to Reserves & Surplus in the previous year.
Pending Actions
The Company is proposing modification in the relevant object clause relating to utilization of IPO proceeds, which is proposed to be considered and approved in the upcoming Board Meeting and Shareholders' Meeting.
Auditor's Opinion
Based on their examination, Satyanarayan Goyal & Co LLP (Firm's Registration No. 006636C/C400333) represented by CA Shubham Jain (Partner, M. No. 441604), issued an opinion subject to the accounting error and recovery noted above. They state that the Statement is in agreement with the audited financial statements and books of account for the year ended March 31, 2026 and fairly presents, in all material respects, the manner of utilization of funds raised through the IPO.