Indifra Limited uses Rs 12.9511 crore of IPO proceeds by Sep 2026

Indifra Limited had used Rs 12.9511 crore of the Rs 14.04 crore raised through its December 29, 2023 public issue as of September 30, 2026, with no reported deviation from its stated objects. Indifra fully deployed allocations for working capital and general corporate purposes plus acquisition investment, while Rs 1.0889 crore of issue-expense funds remained unutilised.

How much of Indifra's IPO proceeds has been used?

Indifra had used Rs 12.9511 crore of its Rs 14.04 crore public-issue proceeds by September 30, 2026. The company disclosed the position in a November 11, 2026 statement under Regulation 32(1) of the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015.

The object-wise certificate identifies Rs 1.0889 crore as unutilised, entirely under public issue expenses. Indifra titled the statement as covering the half year ended September 30, 2026, although one summary field describes it as a report filed for the quarter ended September 30, 2026; both disclosures show Rs 14.04 crore raised and Rs 12.9511 crore utilised.

The comparison shows that all Rs 12.3843 crore allocated to working capital and the general corporate and acquisition-investment category had been used. Public issue expenses were the only object below their original allocation, with Rs 0.5668 crore used against Rs 1.6557 crore allocated.

Did Indifra change the objects of its IPO?

Indifra reported no deviation or variation in the use of the Rs 14.04 crore raised through the public issue as of September 30, 2026. Its statement lists no modified object, no modified allocation, no shareholder-approval date and no explanation for a deviation, with those fields marked not applicable.

The November 11, 2026 filing defines a deviation or variation as a change in the purpose for which funds were raised, a difference between actual use and original disclosure, or a change in a contract term cited in the prospectus or other fund-raising document. Indifra answered “No” to the question on deviation or variation, meaning it reported none of those circumstances for the three stated IPO objects.

Indifra said its Audit Committee reviewed the statement submitted for the September 30, 2026 position. The company marked an external monitoring agency as not applicable, while the deviation statement records “No comments” from auditors, disclosures that relate to oversight of the Rs 14.04 crore issue proceeds.

Where did Indifra allocate the IPO proceeds?

Indifra allocated Rs 8.00 crore, the largest portion of the Rs 14.04 crore issue, to working-capital requirements and reported full utilisation of that amount by September 30, 2026. This object accounted for more than half of the original proceeds and was larger than the Rs 4.3843 crore allocation for general corporate purposes and funding investment for acquisition.

Indifra also reported full use of the Rs 4.3843 crore allocated to general corporate purposes and funding investment for acquisition. Together, the working-capital and corporate-and-acquisition objects represented Rs 12.3843 crore of the Rs 12.9511 crore used, leaving public issue expenses as the sole category with a disclosed balance.

The public-issue-expense allocation was Rs 1.6557 crore, compared with utilisation of Rs 0.5668 crore at September 30, 2026. Unlike the Rs 8.00 crore working-capital object and the Rs 4.3843 crore corporate-and-acquisition object, this category had not reached its originally disclosed allocation.

What does Indifra's utilisation certificate show?

Indifra's certificate from Deora Maheshwari & Co. records Rs 1.0889 crore as unutilised under public issue expenses. The certificate was issued for submission to the National Stock Exchange of India Limited and states that it was based on documents, information and explanations provided by Indifra.

The certificate matches the utilisation statement on the Rs 8.00 crore working-capital allocation, the Rs 4.3843 crore general corporate and acquisition-investment allocation, and total use of Rs 12.9511 crore. Its total row, however, displays a dash under unutilised amount even though the public-issue-expense row separately identifies Rs 1.0889 crore; the filing gives no explanation for that presentation.

The accounting firm's certificate says it was issued solely at Indifra's request for submission to the exchange in relation to the Rs 14.04 crore public issue. It also states that the certificate may not be useful for another purpose and limits the firm's liability in connection with the assignment, apart from fees relating to that work.

Conclusion

Indifra's September 30, 2026 disclosure shows that Rs 12.9511 crore of the Rs 14.04 crore raised in its December 2023 public issue had been used without a reported change to the original objects. The company fully used Rs 8.00 crore for working capital and Rs 4.3843 crore for general corporate purposes and acquisition investment, while the remaining disclosed balance related to issue expenses.

The item to watch is the unresolved Rs 1.0889 crore public-issue-expense balance and whether a later utilisation statement changes that amount. Indifra did not provide a timetable for using the balance in its November 11, 2026 filing, and the certificate did not reconcile its dash in the total unutilised field with the object-level balance.