Board Approves Extension And Revision For Rs.20.27 Crore Balance IPO Proceeds; New Company Secretary Appointed

Board & Audit Committee approved redeploying Rs.20.27 Crores of unutilised IPO funds — earmarked for warehouses — towards setting up new stores by 31st March, 2027.

Tue 29 Sep 2026

IPO Funds Redeployed

Rs.20.27 Crores

New Use of Funds

Setting up new stores

Deployment Deadline

31st March, 2027

Warehouse Funding Source

Internal accruals

New Company Secretary

Shilpa Kotagiri, effective 01.10.2026

What was decided

The Audit Committee and Board, at meetings held on September 29, 2026, approved an extension of timeline and revision in utilisation of the balance IPO proceeds of Rs.20.27 Crores.

• The company says it has utilised the entire IPO proceeds as per the Prospectus dated September 23, 2023 (read with the earlier revision approved on March 29, 2026), except this Rs.20.27 Crores.
• The amount was earmarked for setting up warehouse(s) and remains unutilised due to unexpected delays in legal diligence and related matters.
• It will now be deployed for setting up of new stores within a maximum period of six (6) months, i.e. on or before 31st March, 2027.
• The company will simultaneously pursue setting up new warehouses as originally contemplated in the Prospectus, funded through internal accruals.

On the warehouse delay

The Board noted the delay will not hinder business operations or growth plans, as the company has in the interim been able to use satellite warehouses and other alternate options.

Regulatory position

The change relates to the timeline for utilisation and an inter-head revision within threshold limits, which falls within the Board's powers, so shareholder approval is not required. The company will continue placing the quarterly Monitoring Agency Report along with the Statement of Deviation before the Audit Committee and submitting it to the stock exchanges.

Key personnel change

Ms. Shilpa Kotagiri has been appointed Company Secretary and Compliance Officer, a Key Managerial Personnel, effective October 01, 2026. She replaces Mr. Bhaskar Teja, who resigned from the role effective 16.09.2026. She is a member of the Institute of Company Secretaries of India with expertise in corporate laws, holding B.A. LL.B, LL.M and ACS qualifications.

How investors may read it

Redirecting IPO funds signals a shift in near-term deployment priorities from warehousing to store expansion, with a defined six-month deadline. A repeated extension of the utilisation timeline is also a point some investors track closely. The Board meeting commenced at 11.45 A.M. and concluded at 2.40 P.M.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.