Board approves change in IPO proceeds use, seeks shareholder nod
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Riyaasat Lifestyle's board, meeting on 01 September 2026, approved varying the objects and terms of utilisation of IPO proceeds, subject to shareholder approval via postal ballot. A scrutinizer, Nirav Shah and Associates, was appointed to conduct the e-voting process. Shareholders will vote electronically on whether to allow the company to repurpose money raised from its IPO.
Red flag for investors as changing IPO use of proceeds may signal the original business plan is no longer workable, affecting confidence in management.