| A monitoring agency report by CRISIL Ratings Limited indicates that as of August 2026, Rs 4,140.40 million of funds raised through an initial public offering remain unutilized, primarily held in fixed deposits with HDFC Bank, Yes Bank, and Axis Bank. The remaining Rs 83.22 million from a pre-IPO round was also placed in fixed deposits with HDFC Bank and used for general corporate purposes, specifically to cover statutory dues. While the report notes no delays in project implementation, the substantial amount of unutilized IPO proceeds, coupled with the reliance on information provided by the company, warrants investor consideration. The report serves as a factual assessment of fund deployment and does not constitute investment advice. |