Date: November 12, 2026

Board Meeting Outcomes

The company submitted monitoring agency reports for both IPO and QIP proceeds utilization for Q2 FY27 (quarter ended September 30, 2026) as required under SEBI Listing Regulations and SEBI ICDR Regulations.

Financial Results (Fund Utilization)

IPO Proceeds (₹5,500 crore gross proceeds):

  • Total utilized: ₹5,361.088 crore (97.5% utilization)
  • Unutilized amount: ₹138.912 crore
  • Issue related expenses: ₹222.497 crore utilized of ₹224.940 crore allocated

Object-wise IPO Utilization:

1. Repayment of Subsidiary OET indebtedness: ₹800.000 crore (100% of revised ₹800.000 crore)

2. Research and product development: ₹927.039 crore utilized of ₹930.000 crore revised

3. Organic growth initiatives: ₹1,178.433 crore utilized of ₹1,300.640 crore revised

4. General corporate purposes: ₹1,373.412 crore utilized of ₹1,374.420 crore revised

5. Repayment of Company/subsidiaries indebtedness: ₹859.707 crore utilized of ₹870.000 crore revised

QIP Proceeds (₹744.87 crore net proceeds):

  • Total utilized: ₹600.96 crore (80.7% utilization)
  • Unutilized amount: ₹143.91 crore

Object-wise QIP Utilization:

1. Repayment of borrowings: ₹225.00 crore (100% of ₹225.00 crore allocated)

2. Organic growth initiatives: ₹335.00 crore (100% of ₹335.00 crore allocated)

3. General corporate purposes: ₹40.96 crore utilized of ₹184.87 crore allocated

Deployment of Unutilized Proceeds

IPO Unutilized Funds (₹138.912 crore):

  • ₹140.61 crore invested in fixed deposits across multiple banks
  • Fixed deposits with ICICI Bank: ₹28.00 crore at 5.50% return, maturity Dec 19, 2026
  • Fixed deposits with Kotak Bank: ₹59.00 crore at 6.65% return, maturity Nov 19, 2026
  • Fixed deposits with Yes Bank: ₹15.20 crore at 6.65% return, maturity Oct 8, 2026
  • Fixed deposits with State Bank of India: ₹25.36 crore at 6.25% return, maturity Jan 22, 2027
  • Cash balances in various accounts: ₹12.05 crore
  • Total market value: ₹142.85 crore including ₹2.24 crore earnings

QIP Unutilized Funds (₹143.91 crore):

  • ₹122.86 crore invested in fixed deposits
  • Fixed deposits with Axis Bank: ₹49.86 crore at 4.75% return
  • Fixed deposits with Yes Bank (multiple): ₹73.00 crore at 4.75-5.25% return
  • Cash balances in current accounts: ₹21.05 crore
  • Total market value: ₹145.52 crore including ₹2.04 crore earnings

Shareholder Approvals and Object Reallocation

The company obtained shareholder approval for variation in objects/terms of IPO proceeds utilization and extension of utilization timeline through:

  • Special resolution passed at 8th AGM held on August 22, 2025
  • Special resolution approved via postal ballot on April 22, 2026

Original vs Revised IPO Object Allocation:

  • Capital expenditure for cell manufacturing plant (original ₹1,227.641 crore) reallocated to other objects
  • Research and product development reduced from ₹1,600.000 crore to ₹930.000 crore
  • Organic growth initiatives increased from ₹350.000 crore to ₹1,300.640 crore
  • General corporate purposes increased from ₹1,297.419 crore to ₹1,374.420 crore
  • New object added: Repayment of Company/subsidiaries indebtedness at ₹870.000 crore

General Corporate Purpose Utilization

IPO GCP Utilization (₹1,373.412 crore):

Breakdown includes raw materials (₹1,097.884 crore) and other operating expenses (₹275.528 crore) across multiple quarters from Q2 FY2025 to Q2 FY2027.

QIP GCP Utilization (₹40.96 crore):

  • Professional and legal fees: ₹17.35 crore
  • Rent, advertisement and communication: ₹18.77 crore
  • License and subscription: ₹1.18 crore
  • Salary and other employee payments: ₹3.66 crore

Monitoring Agency Details

IPO Monitoring Agency: ICRA Limited

  • Authorized signatory: Parul Goyal Narang, Vice President & Head- Process Excellence
  • Peer-reviewed CA: Jain Ambavat & Associates LLP

QIP Monitoring Agency: CRISIL Ratings Limited

  • Authorized signatory: Shounak Chakravarty, Director, Ratings (LCG)
  • Peer-reviewed CA: Jain Ambavat & Associates LLP (Firm Registration Number: 0103887W/W100364)

Implementation Schedule

All objects are reported to be on schedule with no delays reported. The cell manufacturing plant expansion (original object) is not applicable as funds were reallocated to other objects with shareholder approval.