Enclosed herewith please find the Monitoring Agency Report issued by Infomerics Valuation and Ratings Limited in respect of the utilisation of the proceeds raised through Initial Public ....
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Infomerics Valuation and Rating Ltd, the monitoring agency, has flagged a deviation in fund utilization for this IPO-listed company. During Q4FY26, Rs. 1.34 crore was spent on 'interior works of the office purchased' which is not in line with the disclosed objects in the Offer Document. The company has not obtained shareholder approval for this deviation, as required under SEBI regulations. Out of the Rs. 34.64 crore raised through the fresh public issue in August 2025, Rs. 25.57 crore has been utilized and Rs. 9.07 crore remains unutilized. The report also notes that the company's share price has declined by more than 50% from the issue price of Rs. 102. The board has approved extending the deployment timeline for unutilized funds to FY 2026-27.
The unauthorized use of Rs. 1.34 crore for office interiors without shareholder approval is a compliance concern for investors. Combined with the 50%+ decline in share price since IPO, this report signals weak governance and potential misuse of IPO funds, which could further erode investor confidence.