Postal Ballot: Change in use of IPO proceeds
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Awaiting price reaction for this filing.
Sihora Industries (BSE SME) is seeking shareholder approval via postal ballot to change use of IPO proceeds from October 2025. The IPO raised Rs 1,056 lakhs at Rs 66 per share. So far Rs 969.69 lakhs (91.83%) is used; Rs 86.32 lakhs is unutilized, mainly Rs 77.08 lakhs for plant and machinery and Rs 9.24 lakhs for issue expenses. The company wants to redirect unutilized funds from planned machinery buys to other objects. E-voting runs July 19 to August 17, 2026.
Shareholders should review the change before voting ends August 17. Redirecting IPO money away from stated objects is allowed under SEBI rules but may raise governance questions.