Elfin Agro India board approves variation in IPO proceeds use
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On the reaction day the stock moved 1.9 pts less than Nifty Microcap 250 and 1.0 pts less than its Other Food Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Board approved varying use of IPO proceeds. Original IPO raised Rs. 2,502.75 lakhs across working capital (Rs. 1,932.61 lakhs), issue expenses (Rs. 220.14 lakhs), and general corporate purposes (Rs. 350.00 lakhs). Rs. 2,387.75 lakhs used; Rs. 115 lakhs remains unutilized. Company now proposes to alter the object for this Rs. 115 lakhs to meet further working capital needs, subject to shareholder approval via postal ballot. NSDL appointed for remote e-voting and CS Nitin Mehta as scrutinizer.
Shareholders will vote on redirecting Rs. 115 lakhs of unused IPO funds. Minor fund reallocation, pending member approval.