Pursuant to reg 32(6) of the SEBI (LODR) Regulations, 2015 read with Reg 41(2) and 173 A of the SEBI (ICDR) Regulations, 2018, the Report of Monitoring Agency is attached for the period ....
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Purple Wave Infocom Ltd has filed its Monitoring Agency Report for the half-year ending March 31, 2026, covering its IPO proceeds of Rs. 31.45 crore (raised in November-December 2025). The IPO was oversubscribed 6-7 times, raising net proceeds of Rs. 26.86 crore after issue expenses of Rs. 4.59 crore. The monitoring agency, Infomerics Valuation and Rating Ltd, has flagged two adverse remarks: (1) fund utilization has NOT been made as per the Offer Document, and (2) shareholder approval has NOT been obtained for a material deviation. Specifically, the company planned to purchase property at 3rd Floor, MNG Tower, Dwarka for Rs. 12.91 crore but instead purchased an alternative property at Neo Square, Gurugram due to the original seller being unable to proceed. All Rs. 31.45 crore has been fully deployed with no unutilized balance.
This filing reveals a compliance concern: the company changed the property location (from Dwarka to Gurugram) without obtaining shareholder approval, which is required under SEBI ICDR Regulations. While the overall objective remains the same, this procedural lapse could concern investors about corporate governance practices. The Rs. 10 crore loan repayment and Rs. 3.95 crore general corporate purpose utilization appear compliant.