Fund Raising Details

  • Mode of Fund Raising: Public Issues (Initial Public Offer)
  • Date of Raising Funds: 14th August 2025
  • Amount raised: ₹42,03,21,600 (INR 42.03 Crore)
  • Monitoring Agency: Applicable
  • Monitoring Agency Name: Infomerics Valuation and Rating Limited

Deviation/Variation Details

  • Deviation/Variation exists: Yes
  • Shareholder approval status: The company is in the process of obtaining shareholders' approval for ratification
  • Date of shareholders' approval: Not available (NA)

Specific Deviation Information

Object with Deviation: Purchase of new office premises

  • Original Allocation: ₹16.69 Crores
  • Funds Utilized: ₹8.74 Crores
  • Amount of Deviation/Variation: ₹1.34 Crores

Explanation of Deviation

The company utilized ₹1.34 Crore from IPO proceeds earmarked for 'Purchase of new office premises' towards interior works of the office premises. Management contends this expenditure:

  • Was specifically mentioned under the Agreement of Sale executed on 24th January 2025
  • Was submitted to the Stock Exchange previously
  • Is referenced in the Prospectus under "Details of Use of Offer Proceeds" which states principal cost of acquisition shall be as per the Agreement of Sale dated January 24, 2025
  • Is incidental and intrinsically linked to the acquisition of the office premises
  • Forms part of the overall acquisition cost
  • Was necessary to make the office premises operational and fit for intended use

Audit Committee Comments

The Audit Committee reviewed and reiterated the same explanation as management, confirming the expenditure was mentioned in the Agreement of Sale and is incidental to making the office premises operational.

Other Objects Without Deviation

  • Purchase of hardware for new office: Original Allocation ₹1.12 Crores, No utilization reported
  • Working capital requirement: Original Allocation ₹5.20 Crores, Funds Utilized ₹5.20 Crores, No deviation
  • General Corporate purposes: Original Allocation ₹6.40 Crores, Funds Utilized ₹6.40 Crores, No deviation
  • Issue related expense: Original Allocation ₹5.23 Crores, Funds Utilized ₹5.23 Crores, No deviation