Key Quantitative Figures
- Total amount raised through IPO: ₹2,500.00 million (excluding OFS portion of ₹2,010.00 million)
- IPO date: October 20, 2025
- Monitoring agency: CRISIL Rating Limited
Fund Utilization Breakdown by Object
Investment in Midwest Neostone (wholly owned subsidiary)
- Allocation: ₹1,302.98 million
- Funds utilized: ₹17.80 million
- Purpose: Loan for funding capital expenditure for Phase II Quartz Processing Plant
- Deviation: No
Capital expenditure for Electric Dump Trucks
- Allocation: ₹257.55 million
- Purpose: Purchase of Electric Dump Trucks for company use and investment in APGM (Material Subsidiary) via loan
- Deviation: No
Solar energy integration at mines
- Allocation: ₹32.56 million
- Purpose: Capital expenditure for integration of solar energy at certain mines
- Deviation: No
General corporate purposes (GCP)
- Original allocation: ₹90.77 million
- Modified allocation: ₹140.93 million
- Funds utilized: ₹85.73 million
- Deviation: Yes (reallocation)
Issue related expenses
- Original allocation: ₹253.91 million
- Modified allocation: ₹203.75 million
- Funds utilized: ₹174.35 million
- Deviation: Yes (reallocation)
Reallocation Details
During the quarter ended March 31, 2026, actual utilization towards offer related expenses was ₹50.16 million less than the estimated amount disclosed in the Final offer document. This surplus amount of ₹50.16 million from offer related expenses was added to general corporate purposes, resulting in an increase in GCP allocation to ₹140.93 million. The amount allocated for general corporate purposes does not exceed 25% of the Net Proceeds (amounting to ₹574.06 million) from the Fresh Issue.