| <p>As of September 30, 2026, approximately Rs 153.78 crore of the Rs 250 crore raised through an initial public offering has been utilized, according to a recent report. Rs 90 crore has been placed in a fixed deposit with Yes Bank, while Rs 12.07 crore was used for vendor payments, aligning with the stated general corporate purpose. A significant concern highlighted in the report is the comingling of IPO proceeds with the company’s existing cash credit account, making it difficult to track the specific use of funds. The report also notes delays in implementing certain objectives outlined in the offer document, and discrepancies between initially earmarked and actual issue expenses. The Monitoring Agency, responsible for overseeing fund utilization, has included extensive disclaimers limiting its liability.</p> |