The company has utilized Rs 10.74 crore of the Rs 14.20 crore initially allocated for general corporate purposes (GCP) from its IPO, leaving a remaining balance of Rs 3.46 crore. While marketing expenses totaled Rs 2.18 crore and strategic initiatives and growth opportunities received Rs 8.56 crore, no funds were deployed for ongoing corporate contingencies or ordinary business expenses. The original timeline for utilizing these funds, including prepayment of borrowings and capital expenditure, has been delayed due to market volatility and geopolitical factors, with revised deployment planned for Fiscal Year 2027. Currently, the unutilized IPO proceeds, totaling Rs 47.83 crore, are held in fixed deposits with AU Small Finance Bank, raising a significant discrepancy compared to the initial GCP allocation that requires further explanation. The report, based on limited assurance from CARE Ratings, highlights potential conflicts of interest and reliance on third-party information.
