Key Quantitative Figures
- Amount raised through IPO: ₹31.67 crore (₹3167.42 lakhs)
- Date of fund raising: December 1, 2025
- Total amount utilized as of September 30, 2026: ₹7.14 crore (₹714.49 lakhs)
- Total unutilized amount: ₹24.53 crore (₹2452.93 lakhs)
Fund Utilization Breakdown
| Purpose | Amount Proposed (₹ lakhs) | Amount Utilized (₹ lakhs) | Unutilized Amount (₹ lakhs) |
| Setting up new manufacturing facility at Mahuva, Bhavnagar, Gujarat | 21934 | 0 | 21935 |
| General corporate purpose | 593.89 | 470.99 | 122.90 |
| Public issue related expenses | 254.19 | 243.50 | 10.69 |
Unutilized Funds Details
Out of the unutilized amount of ₹24.53 crore, ₹23.19 crore is lying in Term Deposit with State Bank of India and the remaining amount is credited in Company's CC A/c with HDFC BANK (CC A/C.50200069328986).
Approval and Review Process
The statement of deviation/variation has been:
- Reviewed by the Audit Committee
- Taken on record by the Board
- Meetings held on November 14, 2026
Auditor Certification
Ratan Chandak & Co LLP, Statutory Auditors of the company, certified that:
- The IPO fund utilization as on September 30, 2026 matches the unaudited books of accounts
- The figures are based on unaudited books of accounts as on September 30, 2026
- Management is responsible for preparation and maintenance of books of accounts
- Certificate is issued for submission to Bombay Stock Exchange (BSE) only