Board changes use of unutilized IPO proceeds, seeks shareholder nod
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Sihora Industries' board approved changing the use of unutilized IPO proceeds from its October 2025 IPO. Of about Rs 86.32 lakh unutilized, Rs 22.57 lakh will fund already planned items, leaving Rs 63.74 lakh. The company dropped plans for a Needle Loom Jacquard Machine, Elastic Tape Winding Machine, Rubber Covering Machine, and Diesel Generator due to higher costs, forex fluctuations, and better local power supply. Instead, it proposes buying 4 Crochet Knitting, 12 Coiling, and 12 Stitching Machines to enter zipper manufacturing. Needs shareholder approval via postal ballot.
Company shifting unused IPO funds to new machinery for zipper manufacturing; requires shareholder approval via postal ballot.