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As on : 05-Aug-2026
Corporate News
05-Aug-2026     23:19

Company utilized Rs 2.00 crore for debt repayment, leaving substantial funds unutilized

A monitoring agency report by Brickwork Ratings India Private Limited indicates that an unnamed company has deployed Rs 2.00 crore for debt repayment, as outlined in its initial public offering prospectus, but significant funds remain unutilized, particularly for software acquisition at Rs 2.79 crore. As of June 30, 2026, Rs 1.64 crore has been spent on advertising, Rs 0.21 crore on software, Rs 0.83 crore on issue expenses, and Rs 0.73 crore on general corporate purposes. The report, verified by KVMS and Company, also noted a prior error in classifying GST payments using IPO proceeds, which has since been reimbursed. Delays in software acquisition and advertising implementation are also cited, raising questions about the company's execution capabilities and the accuracy of initial projections. The remaining funds are held in ICICI Bank accounts totaling Rs 3.15 crore.

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