Date: May 29, 2026
Board Meeting Outcomes
The Audit Committee reviewed the statement of deviation/variation in utilization of IPO funds in its meeting held on Friday, May 29, 2026. The committee had no comments (Nil) on the statement.
Financial Results (Fund Utilization)
IPO Details:
- Mode of Fund Raising: Public Issue-Main Board IPO
- Date of Raising Funds: August 22, 2025 (Allotment Made on August 22, 2025)
- Trading Approval Received: August 26, 2025 from NSE and BSE
- Amount Raised: ₹4,107.10 million through fresh issue of 16,298,000 equity shares at ₹252 per share (including share premium of ₹242 per equity share)
Fund Utilization as of March 31, 2026:
- Acquisition of Dry Bulk Carriers in Supramax category: ₹2,511.79 million utilized (100% of allocated amount)
- Repayment/prepayment of loan: ₹230.00 million utilized (100% of allocated amount)
- General corporate purposes: ₹956.93 million utilized out of ₹957.01 million allocated (balance ₹0.08 million remaining)
- Issue Expenses: ₹407.99 million utilized out of ₹408.30 million allocated (balance ₹0.31 million remaining)
Revision of Net Proceeds:
Net proceeds were revised from ₹3,695.43 million to ₹3,698.80 million due to issue expenses being lower by ₹3.37 million compared to estimated figures mentioned in the offer document dated August 22, 2025. This balance of ₹3.37 million has been added to General Corporate Purposes (GCP).
KMP / Board / Auditor Changes
Not Specified
Dividend Declaration or Non-Declaration
Not Specified
Disinvestment / Strategic Actions
Not Specified
Other Operational / Legal / Strategic Disclosures
Not Specified