Aastha Spintex deploys ₹168.96 crore of IPO proceeds by September

Aastha Spintex Limited deployed ₹168.96 crore of its ₹170 crore initial public offer proceeds through September 2026, led by ₹121.51 crore used for the purchase of Falcon Yarns Private Limited and its working capital. The auditor-certified statement showed ₹1.04 crore pending, split between issue-related expenditure and general corporate purposes.

How much of Aastha Spintex’s IPO money had been used?

Aastha Spintex had utilised ₹168.96 crore of the ₹170 crore raised through its public issue by September 2026, leaving ₹1.04 crore pending. Its deviation or variation statement identifies July 1, 2026 as the date of raising funds and September 30, 2026 as the reporting quarter-end, while the auditor’s certificate says the shares were allotted on July 2, 2026.

S N D K & Associates LLP issued its utilisation certificate on November 7, 2026 after examining Aastha Spintex’s books, records and documents made available to it. The certificate records ₹170 crore received from the initial public offer and ₹168.96 crore utilised through September 2026, and states that it was issued for submission to the National Stock Exchange and BSE.

The two Falcon Yarns objects were fully utilised, whereas the other two objects remained partially used at September 2026. The ₹111.51 crore purchase allocation and ₹10 crore working-capital allocation had no balance pending, while ₹1.04 crore remained across the ₹40.47 crore general-corporate-purpose allocation and ₹8.02 crore issue-expense allocation.

Where did Aastha Spintex deploy the Falcon Yarns allocation?

Aastha Spintex used ₹111.51 crore for the purchase of Falcon Yarns Private Limited and ₹10 crore for its working capital, fully deploying the combined ₹121.51 crore earmarked for those purposes. Its deviation statement describes the acquisition amount as part payment of purchase consideration and the working-capital amount as inter-corporate deposits for Falcon Yarns Private Limited.

The acquisition payments listed in the annexure were made on July 30, 2026 and August 24, 2026, together totalling ₹111.51 crore. The largest individual payments were ₹20.54 crore to Bhargav Dhirajlal Suvagiya on August 24 and ₹19.88 crore to the same recipient on July 30, while payments to Kamalnayan R Sojitra included ₹13.14 crore and ₹12.72 crore on the respective dates.

Aastha Spintex made the ₹10 crore working-capital payment to Falcon Yarns Private Limited on August 18, 2026. That payment fell between the two batches of purchase-consideration payments, on July 30 and August 24, and the certified utilisation table recorded no pending amount for either Falcon Yarns object at September 2026.

What remains unspent from Aastha Spintex’s IPO proceeds?

Aastha Spintex had ₹1.04 crore pending from the IPO proceeds at September 2026, comprising ₹1.01 crore for issue-related expenditure and ₹3 lakh for general corporate purposes. The company marked both uses as partially utilised, unlike the two Falcon Yarns objects, which it marked fully utilised in the September 30, 2026 disclosure.

General-corporate-purpose payments totalled ₹40.44 crore between July 9 and July 27, 2026, against an allocation of ₹40.47 crore. The annexure lists ₹6.01 crore to A M Trading, ₹4.51 crore to Manav Trading and ₹3.01 crore each to A M Trading and Manav Trading on July 13, as well as ₹2.30 crore to Sammunati on July 9.

Issue-related expenditure reached ₹7.01 crore by September 2026, against ₹8.02 crore allocated. The annexure records seven payments from July 8 to September 22, including ₹2.37 crore on July 8, ₹1.38 crore on July 13, ₹1.25 crore on July 15 and ₹77 lakh on August 12; the ₹1.01 crore balance was therefore the larger component of the total pending amount.

Did Aastha Spintex report a deviation in using IPO funds?

Aastha Spintex’s September 30, 2026 deviation statement showed no modified object or modified allocation for any of the four IPO uses. The table recorded the amount of deviation or variation for the quarter as “NA” for the ₹111.51 crore acquisition object, ₹10 crore working-capital object, ₹40.47 crore general-corporate-purpose object and ₹8.02 crore issue-expense object.

The disclosure names Infomerics Valuation and Rating Limited as the monitoring agency and lists “NA” for comments of the audit committee and auditors. The certificate dated November 7, 2026 also says it was based on records prepared and maintained by Aastha Spintex, and that S N D K & Associates LLP had no responsibility to update it for events after its date.

Conclusion

Aastha Spintex’s September 2026 disclosure shows that it had deployed ₹168.96 crore of the ₹170 crore IPO proceeds within roughly three months of the July 1, 2026 fund-raising date. The principal use was the ₹121.51 crore Falcon Yarns purchase and working-capital package, while the remaining spend covered general corporate purposes and issue-related expenditure.

The next item to watch is the use of the ₹1.04 crore still pending after September 30, 2026, including ₹1.01 crore for issue-related expenditure and ₹3 lakh for general corporate purposes. The November 7, 2026 certificate does not give a date for completing those uses, so a subsequent utilisation disclosure would show whether both partially utilised objects are fully deployed.