The Outcome of the board Meeting held on 30th August 2025.
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Mayank Cattle Food's board, which met on August 30, 2025 from 1:00 PM to 2:45 PM, approved a proposal to vary the use of its IPO proceeds, subject to shareholder approval. The company had raised Rs. 1,944 lakhs through its January 2024 IPO and has utilized 96.18% (Rs. 1,869.83 lakhs) so far, leaving Rs. 74.17 lakhs unutilized. Of this, Rs. 48.39 lakhs saved from the capital expenditure (plant and machinery) budget and Rs. 25.78 lakhs saved from issue-related expenses will be redirected toward working capital requirements. The move is being made to meet urgent working capital needs from operational exigencies and avoid taking external borrowings. The variation needs to be passed as a Special Resolution by shareholders and is targeted for completion within 24 months.
Shareholders will get a vote on this change via special resolution. While the redirection signals that the company needed funds for working capital rather than planned capex, the amount involved (Rs. 74.17 lakhs, under 4% of IPO size) is small, and management claims it will improve long-term earnings and cash flows by avoiding fresh debt.