Active Infrastructures redirects Rs 7.05 crore IPO capex

Active Infrastructures Limited redirected Rs 7.05 crore originally allocated to construction equipment to fund a wholly owned subsidiary’s current-capital contribution to Raghukul Shradha Realty LLP, after shareholder approval on 13 July 2026. The 30 September 2026 utilisation certificate records Rs 7.77 crore deployed under the revised purpose during the quarter.

What did Active Infrastructures change in its IPO-use plan?

Active Infrastructures changed the use of Rs 7.05 crore that had been earmarked for capital expenditure on construction equipment. The revised purpose was a loan to Achievers Ventures Private Limited, identified as a wholly owned subsidiary, for onward contribution to the current capital of Raghukul Shradha Realty LLP. The company reported this as a deviation or variation in its public-issue proceeds statement for the quarter and half year ended 30 September 2026.

The company raised Rs 77.83 crore through its public issue on 26 March 2025, according to its Regulation 32 disclosure. Shareholders approved the change in the objects of the issue on 13 July 2026. The Audit Committee and board reviewed the statement on 13 November 2026, while the filing records nil comments from the Audit Committee and auditors; Brickwork Ratings India Pvt Ltd was named as monitoring agency.

How was the IPO allocation redistributed?

Active Infrastructures redistributed Rs 16.20 crore of unutilised proceeds as at 30 June 2026, according to the accountant’s certificate. Of that sum, Rs 8.17 crore was reallocated to working-capital requirements and Rs 7.05 crore to funding the wholly owned subsidiary for the Raghukul Shradha Realty LLP contribution. The certificate says the remaining balance would continue to be available for repayment or prepayment of certain borrowings.

The original construction-equipment allocation of Rs 7.05 crore became nil in the revised utilisation schedule. In contrast, the new object for funding the subsidiary showed a proposed reallocation of Rs 7.05 crore. Working capital increased from Rs 38.98 crore under the original proposal to Rs 47.15 crore after the revision, while the allocation for repayment or prepayment of borrowings and bank-guarantee margin fell from Rs 16.72 crore to Rs 8.55 crore.

The revised plan did not change the total IPO proceeds of Rs 77.83 crore. General corporate purpose remained allocated Rs 14.01 crore, and issue-related expenses remained Rs 1.07 crore. The reallocation therefore changed the destination of funds previously planned for equipment, rather than adding to the public-issue amount or increasing the overall proceeds available to Active Infrastructures.

Where did Active Infrastructures deploy proceeds in the September quarter?

Active Infrastructures’ monitoring-account withdrawal schedule records Rs 7.77 crore transferred to Achievers Ventures for its contribution to the current capital of Raghukul Shradha Realty LLP during the quarter ended 30 September 2026. The same schedule lists Rs 9.65 crore for the company’s working-capital requirements, Rs 1.07 crore as a loan related to Digvijay Shradha Infrastructure Private Limited, and Rs 5.49 lakh of general-corporate-purpose funds lent to Achievers Ventures.

The accountant’s certificate shows Rs 7.77 crore as utilisation in the September quarter under the new subsidiary-funding purpose and Rs 72.50 lakh as the balance at 30 September 2026. These reported amounts appear alongside the Rs 7.05 crore proposed reallocation. The filing does not explain the numerical relationship between the proposed reallocation, the quarterly deployment and the remaining balance, so the figures are reported here as set out in the company’s certified schedule.

Active Infrastructures also reported movements in fixed deposits held through the monitoring account. Nine fixed deposits matured for Rs 30 crore during the quarter, generating Rs 56.89 lakh of interest, while Rs 3.16 lakh was deducted as tax at source. The company made three new fixed deposits totalling Rs 12 crore, and its deployment table showed Rs 82,000 in the ICICI Bank monitoring account at 30 September 2026, with nil in the public-issue account.

How much IPO money remained at 30 September 2026?

Active Infrastructures reported Rs 18.55 crore of IPO-proceeds utilisation in the quarter ended 30 September 2026, after using Rs 61.64 crore through 30 June 2026. The accountant’s certificate put the balance at Rs 2.36 crore on 30 September, against the Rs 77.83 crore originally raised. That balance was distributed across working capital, borrowings, the subsidiary-funding object, general corporate purpose and issue-related expenses.

Working capital carried the largest residual amount at Rs 1.63 crore on 30 September 2026. The company had used Rs 39.12 crore through 30 June and a further Rs 9.65 crore in the September quarter against the revised Rs 47.15 crore allocation. The borrowing-repayment and bank-guarantee-margin object had Rs 56,496 remaining, while the subsidiary-funding object had Rs 72.50 lakh remaining.

General corporate purpose had Rs 1,261 left at 30 September after Rs 13.96 crore had been used through 30 June and Rs 5.49 lakh during the September quarter. Issue-related expenses had Rs 18 remaining after Rs 1.07 crore had been used. The certificate also notes that excess utilisation under the borrowing object was funded through interest earned on fixed deposits, rather than through an additional IPO allocation.

How does the revised use relate to Active Infrastructures’ segments?

Active Infrastructures reported infrastructure revenue of Rs 37.89 crore for the half year ended 30 September 2026, compared with Rs 55.20 crore for the half year ended 31 March 2026. The real-estate segment recorded no separately stated revenue for the September half, after Rs 2.34 crore in the March half. The revised IPO object is linked specifically to current capital in Raghukul Shradha Realty LLP, rather than to construction equipment for the infrastructure business.

Real-estate segment assets stood at Rs 101.79 crore at 30 September 2026, down from Rs 106.71 crore at 31 March 2026. Its liabilities increased to Rs 70.09 crore from Rs 55.95 crore over the same dates. Infrastructure segment assets rose to Rs 140.54 crore from Rs 82.57 crore, while infrastructure liabilities declined to Rs 61.42 crore from Rs 66.60 crore.

At the consolidated level, total assets were Rs 268.15 crore at 30 September 2026, compared with Rs 239.95 crore at 31 March 2026. Current borrowings increased to Rs 77.28 crore from Rs 44.76 crore, whereas non-current borrowings declined to Rs 30.02 crore from Rs 35.47 crore. These balance-sheet movements provide context for the revised Rs 8.17 crore working-capital allocation and the plan to retain proceeds for specified borrowing repayment or prepayment.

Conclusion

Active Infrastructures formally replaced its construction-equipment IPO object with a subsidiary-led contribution to Raghukul Shradha Realty LLP. The shareholder-approved change redirected Rs 7.05 crore of the Rs 77.83 crore issue, while the September-quarter schedule reported Rs 7.77 crore transferred to Achievers Ventures for the revised LLP-related purpose. Working capital also received Rs 8.17 crore from the unutilised proceeds available at 30 June 2026.

The next utilisation disclosure should show how Active Infrastructures deploys the Rs 2.36 crore balance reported at 30 September 2026, including Rs 1.63 crore for working capital and Rs 72.50 lakh under the subsidiary-funding object. It may also clarify the difference between the Rs 7.05 crore approved reallocation and the Rs 7.77 crore quarterly deployment recorded in the certified schedule.