We wish to inform you that the Board of Directors of the Company, through a circular resolution passed today, has approved the utilisation of the unutilized IPO proceeds in subsequent fiscal ....
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Mahamaya Lifesciences has informed BSE that its Board, via circular resolution dated March 10, 2026, approved rescheduling the deployment of unutilised IPO funds until March 31, 2028, in a phased manner. The company had raised Rs. 6,196.43 Lakhs from its IPO (Prospectus dated November 14, 2025) but had used only Rs. 2,747.40 Lakhs as of February 28, 2026, leaving Rs. 3,449.03 Lakhs (about 56%) unutilised. The company says the objects of the issue remain unchanged and the delay is due to engineering finalisation, long procurement cycles for specialised machinery, and enhancements made to plant design for better efficiency. The unutilised funds are parked in permitted interest-bearing instruments and deployment will continue to be monitored.
Shareholders should note that the company has spent less than half of its IPO proceeds within roughly three months of listing and is now extending the deployment timeline by about two years, which may raise concerns about execution speed. There is no change in the stated purpose of the funds, but the slow rollout and scope enhancements could mean returns from the IPO-funded projects will take longer to materialise.