Shareholders Approve Variation in IPO Objects; Rs 2,510.93 Lakhs Reallocated to BESS Facility
At the 17th AGM held on September 24, 2026, members approved a variation in the IPO Objects of the Issue.
- AGM Date
- September 24, 2026
- Unutilised IPO Proceeds
- ₹2,510.93 Lakhs
- Reallocation Purpose
- BESS Facility Setup & Associated Infrastructure
- Total Net IPO Proceeds
- ₹7,796.93 Lakhs
- Utilised Amount
- ₹5,286.00 Lakhs
What was approved
Members of the company, at the 17th Annual General Meeting held on Thursday, September 24, 2026, approved a variation in the terms of the Objects of the Issue of the Initial Public Offer. The Audit Committee and the Board had recommended and approved this at their meeting held on September 3, 2026, under Section 27 of the Companies Act, 2013.
The original IPO
The Prospectus dated November 28, 2024 comprised a Fresh Issue of 27,90,000 Equity Shares of face value INR 10 each aggregating to INR 9346.50 Lakhs, and an Offer for Sale of 20,00,000 Equity Shares of face value INR 10 each aggregating to INR 6700 Lakhs by the Selling Shareholders.
Where the money stands
- Total Net Proceeds: ₹7796.93 Lakhs; utilised ₹5286.00 Lakhs; unutilised ₹2510.93 Lakhs
- Additional Working Capital Requirement: ₹3000.00 Lakhs allocated, fully utilised
- General Corporate Purpose: ₹2286.00 Lakhs allocated, fully utilised
- Cable identification, testing and fault location equipment: ₹1,794.82 Lakhs allocated, unutilised
- DC Solar Power Plant of 1,300 KW capacity: ₹416.11 Lakhs allocated, unutilised
- In-house development of technical expertise in Green Hydrogen production and associated equipment (Electrolytes): ₹300.00 Lakhs allocated, unutilised
The new plan
The entire unutilised amount of ₹2,510.93 Lakhs is reallocated to BESS Facility Setup & Associated Infrastructure, as the modified object of the issue.
How to read it
A variation of IPO objects means capital raised from the public will be deployed differently from what was promised in the Prospectus. Here the capital expenditure plans for cable testing equipment, solar and green hydrogen have been dropped in favour of a battery energy storage facility. Investors may view this as a shift in the company's capex priorities; the total amount involved is unchanged.
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More numbers
- Fresh Issue shares27,90,000 Equity Shares
- Fresh Issue amountINR 9346.50 Lakhs
- Offer for Sale shares20,00,000 Equity Shares
- Offer for Sale amountINR 6700 Lakhs
- Face value per shareINR 10
- Total Net Proceeds7796.93
- Amount utilised5286.00
- Amount unutilised / reallocated to BESS2,510.93
- Additional Working Capital Requirement3000.00
- General Corporate Purpose2286.00
- Cable identification, testing and fault location equipment1,794.82
- DC Solar Power Plant capacity1,300 KW
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