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Aequs Limited Capital/Financing Update 2026
62638_rns_2026-04-24_3eaa81ca-862f-4c8d-ab27-5cb65fa78992.pdf
Capital/Financing Update
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AEQUS
ecosystems of efficiency
April 24, 2026
To,
National Stock Exchange of India Limited
Exchange Plaza, C-1, Block G,
Bandra Kurla Complex, Bandra (E),
Mumbai – 400 051
NSE Scrip Symbol: AEQUS
BSE Limited
20th Floor, P.J. Towers,
Dalal Street,
Mumbai - 400001.
BSE Scrip Code: 544634
Subject: Monitoring Agency Report for the quarter ended March 31, 2026
Dear Sir/ Ma’am,
Pursuant to Regulation 32 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 41 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, we hereby submit the Monitoring Agency Report for the quarter ended March 31, 2026, issued by CARE Ratings Limited in respect of utilisation of proceeds of the Pre-Initial Public Offer Placement and Initial Public Offer, duly reviewed and taken on record by the Audit Committee and Board of Directors of the Company.
The Monitoring Agency has confirmed in its report that there is no material deviation in utilisation of proceeds for the funds raised through Pre-Initial Public Offer Placement and Initial Public Offer as stated in the object of the Issue.
This Monitoring agency report will also be made available on the website of the Company and can be accessed using the link i.e. https://www.aequs.com/investor/.
Kindly take the same on record.
Thanking You,
For Aequs Limited
RAVI
MALLIKARJUN
HUGAR
Digitally signed by RAVI MALLIKARJUN HUGAR
Date: 2026.04.24 17:47:00 +05'30'
Ravi Mallikarjun Hugar
Company Secretary and Compliance Officer
Membership Number: A20823
Encl.: as above
Aequs Limited (formerly known as Aequs Private Limited)
Corporate Identity Number: L80302KA2000PLC026760
Registered Office: Aequs Tower, No. 55, Whitefield Main Road, Mahadevapura Post, Bengaluru - 560048, Karnataka, India
T: +91 080 61348000
Corporate Office: Aequs SEZ, No. 437/A, Hattargi Village, Hukkeri Taluk, Belagavi – 591243, Karnataka, India
T: +91 0831 4222500
www.aequs.com
Careedge RATINGS
No. CARE/BRO/GEN/2026-27/1001
The Board of Directors
Aequs Limited
Aequs SEZ No. 437/A,
Hattargi Village Hukkeri Taluk,
Belagavi 591 243 Karnataka, India
April 24, 2026
Dear Sir,
Monitoring Agency Report for the quarter ended March 31, 2026 - in relation to the Initial Public Offer of Equity Shares of Aequs Limited ("the Company")
We write in our capacity of Monitoring Agency for the Pre Initial Public Offer of 11,615,713 for the amount aggregating to Rs. 144.0 crore of the Company and refer to our duties cast under 41 of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations.
In this connection, we are enclosing the Monitoring Agency Report for the quarter ended March 31, 2026, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated November 12, 2025.
Request you to kindly take the same on records.
Thanking you,
Yours faithfully,
Himanshu Jain
Associate Director
[email protected]
CareEdge RATINGS
Report of the Monitoring Agency
Name of the issuer: Aequs Limited
For quarter ended: March 31, 2026
Name of the Monitoring Agency: CARE Ratings Limited
(a) Deviation from the objects: None
(b) Range of Deviation: Not applicable
Declaration:
We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The MA does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013.
The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit related analyses. We confirm that there is no conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer, or while undertaking credit rating or other commercial transactions with the entity.
We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments, where applicable. There are certain sections of the report under the title "Comments of the Board of Directors", that shall be captured by the Issuer's Management / Audit Committee of the Board of Directors subsequent to the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by the MA, and the MA takes no responsibility for such comments of the issuer's Management/Board.
Signature:
Name and designation of the Authorized Signatory: Himanshu Jain
Designation of Authorized person/Signing Authority: Associate Director
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1) Issuer Details:
Name of the issuer
: Aequs Limited
Name of the promoter
: Aravind Shivaputrappa Melligeri, Aequs Manufacturing Investments Private Limited, Melligeri Private Family Foundation, The Melligeri Foundation
Industry/sector to which it belongs
: Capital goods- Aerospace & Defense
2) Issue Details
Issue Period
: November 05, 2025, to November 10, 2025
Type of issue (public/rights)
: Pre - Initial Public offer
Type of specified securities
: Equity Shares
IPO Grading, if any
: Not Applicable
Issue size (in crore)
: Rs. 144.0 crore
3) Details of the arrangement made to ensure the monitoring of issue proceeds:
| Particulars | Reply | Source of information / certifications considered by Monitoring Agency for preparation of report | Comments of the Monitoring Agency | Comments of the Board of Directors |
|---|---|---|---|---|
| Whether all utilization is as per the disclosures in the Offer Document? | No | Chartered accountant certificate | ||
| Management certificate, Final prospectus, Bank statements, Board resolution dated January 29, 2026 | The company has utilized general corporate purpose (GCP) proceeds of ₹0.07 crore towards the repayment of borrowings for its subsidiary, Aerostructures Manufacturing India Private Limited (ASMIPL) in Q3FY26. The Board ratified the above transaction post facto. |
As on March 31, 2026, the unutilized IPO proceeds aggregating to ₹13.78 crore have been parked in scheduled commercial bank accounts of the company's subsidiaries. The board may take note that the offer document does not explicitly specify the parking of unutilized IPO funds in subsidiary bank accounts. | Noted and ok. |
| Whether shareholder approval has been obtained in case of material deviations# from expenditures disclosed in the Offer Document? | Not applicable | Final prospectus, Chartered accountant certificate
Management certificate | No material deviations observed. | Ok. |
| Whether the means of finance for the disclosed objects of the issue have changed? | Yes | Final prospectus, Chartered accountant certificate
Management certificate, Bank statements | The company has utilized general corporate purpose (GCP) proceeds of ₹0.07 crore towards the repayment of borrowings for its subsidiary, Aerostructures Manufacturing India Private Limited (ASMIPL) in Q3FY26. | Ok. |
| Is there any major deviation observed over the earlier | Yes | Chartered accountant certificate, | As at March 31, 2026, ₹13.78 crore out of the | Noted and ok. |
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| Particulars | Reply | Source of information / certifications considered by Monitoring Agency for preparation of report | Comments of the Monitoring Agency | Comments of the Board of Directors |
|---|---|---|---|---|
| monitoring agency reports? | Management certificate, MA report dated January 29, 2026 | unutilized funds of ₹19.11 crore is retained in the cash credit/current accounts of the company's subsidiaries maintained with scheduled commercial banks. | ||
| Whether all Government/statutory approvals related to the object(s) have been obtained? | Not applicable | Final prospectus, Chartered accountant certificate Management certificate, Discussion with management | None | Ok. |
| Whether all arrangements pertaining to technical assistance/collaboration are in operation? | Not applicable | Final prospectus, Chartered accountant certificate Management certificate, Discussion with management | None | Ok. |
| Are there any favorable/unfavorable events affecting the viability of these object(s)? | No | Chartered accountant certificate Management certificate | None | Ok. |
| Is there any other relevant information that may materially affect the decision making of the investors? | No | Chartered accountant certificate Management certificate | None | Ok. |
- Chartered Accountant certificate from peer reviewed internal auditor Guru & Jana LLP, dated April 21, 2026.
4) Details of objects to be monitored:
(i) Cost of objects -
| Sr. No | Item Head | Source of information / certifications considered by Monitoring Agency for preparation of report | Original cost (as per the Offer Document) in Rs. Crore | Revised Cost (Rs. Crore) | Comments of the Monitoring Agency | Comments of the Board of Directors | ||
|---|---|---|---|---|---|---|---|---|
| Reason for cost revision | Proposed financing option | Particulars of - firm arrangements made | ||||||
| 1 | Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable, availed by: | Chartered Accountant certificate, Bank statements, Final Prospectus, Board resolution dated January 29, 2026 | 20.25 | 20.33 | Revision in cost was ratified post-facto by Board of Directors in its meeting dated January 29, 2026. | No Comments | No Comments | No Comments |
| (a) our Company | Chartered Accountant certificate, Bank statements, Final Prospectus | 7.00 | 7.00 | None | No Comments | No Comments | No Comments | |
| (b) three of our wholly-owned Subsidiaries, through investment in the below Subsidiaries | Chartered Accountant certificate, Bank statements, Final Prospectus | 13.25 | 13.33 | None | No Comments | No Comments | No Comments | |
| i. AeroStructures Manufacturing India Private Limited | Chartered Accountant certificate, Bank statements, Final Prospectus | 13.25 | 13.33 | No Comments | No Comments | No Comments |
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| Sr. No | Item Head | Source of information / certifications considered by Monitoring Agency for preparation of report | Original cost (as per the Offer Document) in Rs. Crore | Revised Cost (Rs. Crore) | Comments of the Monitoring Agency | Comments of the Board of Directors | ||
|---|---|---|---|---|---|---|---|---|
| Reason for cost revision | Proposed financing option | Particulars of - firm arrangements made | ||||||
| ii. Aequs Consumer Products Private Limited | Chartered certificate, Bank statements, Final Prospectus | - | - | None | No Comments | No Comments | No Comments | |
| iii. Aequs Engineered Plastics Private Limited | Chartered certificate, Bank statements, Final Prospectus | - | - | None | No Comments | No Comments | No Comments | |
| 2 | Funding capital expenditure to be incurred on account of purchase of machinery and equipment by: | Chartered certificate, Bank statements, Final Prospectus | 16.64 | 16.64 | None | No Comments | No Comments | No Comments |
| (a) our Company | Chartered certificate, Bank statements, Final Prospectus | - | - | None | No Comments | No Comments | No Comments | |
| (b) one of our wholly-owned Subsidiaries, AeroStructures Manufacturing India Private Limited, through investment in such Subsidiary | Chartered certificate, Bank statements, Final Prospectus | 16.64 | 16.64 | None | No Comments | No Comments | No Comments | |
| 3 | Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes | Chartered certificate, Bank statements, Final Prospectus | 103.86 | 103.79 | Revision in cost was ratified post-facto by Board of Directors in its meeting dated January 29, 2026. | No Comments | No Comments | No Comments |
| 4 | Issue Expense | Chartered certificate, Bank statements, Final Prospectus | 3.24 | 3.24 | None | No Comments | No Comments | No Comments |
| Total | 144.00 | 144.00 |
- Chartered Accountant certificate from peer reviewed internal auditor Guru & Jana LLP, dated April 21, 2026
(ii) Progress in the objects -
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- Chartered Accountant certificate from peer reviewed internal audit firm Guru & Jana LLP, dated April 21, 2026
(iii) Deployment of unutilized proceeds:
| Sr. No. | Type of instrument and name of the entity invested in | Amount invested (Rs. Crore) | Maturity date | Earning (Rs. Crore) | Return on Investment (%) | Market Value as at the end of quarter (Rs. Crore) |
|---|---|---|---|---|---|---|
| 1. | FD Maintained with Axis Bank | 5.00 | April 07, 2026 | 0.01 | 3.75% | 5.01 |
| 2. | Balance lying in the monitoring account of the company maintained with HDFC Bank | 0.33^ | - | - | - | 0.33 |
| Sr. No. | Type of instrument and name of the entity invested in | Amount invested (Rs. Crore) | Maturity date | Earning (Rs. Crore) | Return on Investment (%) | Market Value as at the end of quarter (Rs. Crore) |
|---|---|---|---|---|---|---|
| 3. | Cash Credit Account of Subsidiary -Aequs Engineered Plastics Private Limited | 0.37 | - | - | - | 0.37 |
| 4. | Cash Credit Account of Subsidiary – Aequs Toys Private Limited | 13.41 | - | - | - | 13.41 |
| Total | 19.11 | - | 0.01 | - | 19.12 |
^Outstanding as on March 31, 2026, is Rs. 0.66 crore out of which Rs. 0.33 crore pertains to interest gain on FDs.
(iv) Delay in implementation of the object(s) –
| Objects | Completion Date | Delay (no. of days/ months) | Comments of the Board of Directors | ||
|---|---|---|---|---|---|
| As per the offer document | Actual* | Reason of delay | Proposed course of action | ||
| Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable, availed by: | By March 31, 2026 | Completed | None | No Comments | No Comments |
| (a) Our Company | By March 31, 2026 | Completed as on November 18, 2025 | None | No Comments | No Comments |
| (b) three of our wholly-owned Subsidiaries, through investment in the below Subsidiaries | By March 31, 2026 | Completed | None | No Comments | No Comments |
| (i) AeroStructures Manufacturing India Private Limited | By March 31, 2026 | Completed as on November 21, 2025 | None | No Comments | No Comments |
| (ii) Aequs Consumer Products Private Limited | By March 31, 2026 | Completed | None | No Comments | No Comments |
| (iii) Aequs Engineered Plastics Private Limited | By March 31, 2026 | Completed | None | No Comments | No Comments |
| Funding capital expenditure to be incurred on account of purchase of machinery and equipment by: | By March 31, 2026 | Completed | None | No Comments | No Comments |
| (a) our Company | By March 31, 2026 | Completed | None | No Comments | No Comments |
| (b) one of our wholly-owned Subsidiaries, AeroStructures Manufacturing India Private Limited, through investment in such Subsidiary | By March 31, 2026 | Completed | None | No Comments | No Comments |
| Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes | Rs. 75.0 crore by March 31, 2026 | ||||
| Rs. 28.86 crore by March 31, 2027 | By March 31, 2026: Rs. 85.01 Crore completed | ||||
| By March 31, 2027: On going | None | No Comments | No Comments | ||
| Issue Expense | Ongoing | None | No Comments | No Comments |
*In case of continuing object(s), Please specify latest/ Revised estimate of the completion date
The above details were verified from the Information shared by Aequs Limited, final prospectus and the Chartered Accountant certificate from peer reviewed internal audit firm Guru & Jana LLP, dated April 21, 2026
5) Details of utilization of proceeds stated as General Corporate Purpose (GCP) amount in the offer document: No utilization during the quarter*
- Chartered Accountant certificate from peer reviewed internal audit firm Guru & Jana LLP, dated April 21, 2026
CareEdge RATINGS
Section from the offer document related to GCP:
"The Net Proceeds will first be utilized for the Objects as set out above. Our Company intends to deploy any balances left out of the Net Proceeds and Net Pre-IPO Proceeds towards general corporate purposes, as approved by our management, from time to time, subject to (i) such utilization for general corporate purposes not exceeding 25% of the Gross Proceeds (including Pre-IPO Proceeds); and (ii) the cumulative amount to be utilized for general corporate purposes and our object of funding inorganic growth through unidentified acquisitions and other strategic initiatives shall not exceed 35% of the Gross Proceeds (including the Pre-IPO Proceeds), in compliance with Regulation 7(2) of the SEBI ICDR Regulations. Such general corporate purposes may include, but are not restricted to, the following:
- Strengthening marketing capabilities and brand building exercises;
- funding working capital requirements of our Company and Subsidiaries including by way of investments in the Subsidiaries; and/or
- meeting ongoing general corporate purposes or contingencies.
The allocation or quantum of utilization of funds towards the specific purposes described above will also be determined by our Board, based on our business requirements and other relevant considerations, from time to time. Our management, in accordance with the policies of the Board, shall have the flexibility in utilising surplus amounts, if any. In the event that our Company is unable to utilise the entire amount that our Company has currently estimated for use out of Net Proceeds in a Fiscal, our Company will utilise such unutilised amount in the next Fiscal."
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Disclaimers to MA report:
a) This Report is prepared by CARE Ratings Ltd (hereinafter referred to as "Monitoring Agency/MA"). The MA has taken utmost care to ensure accuracy and objectivity while developing this Report based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever.
b) This Report has to be seen in its entirety; the selective review of portions of the Report may lead to inaccurate assessments. For the purpose of this Report, MA has relied upon the information provided by the management /officials/ consultants of the Issuer and third-party sources like statutory auditors (or from peer reviewed CA firms) appointed by the Issuer believed by it to be accurate and reliable.
c) Nothing contained in this Report is capable or intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The MA is also not responsible for any errors in transmission and specifically states that it, or its directors, employees do not have any financial liabilities whatsoever to the users of this Report.
d) The MA and its affiliates do not act as a fiduciary. The MA and its affiliates also do not act as an expert to the extent defined under Section 2(38) of the Companies Act, 2013. While the MA has obtained information from sources it believes to be reliable, it does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives from auditors (or from peer reviewed CA firms), lawyers, chartered engineers or other experts, and relies on in its reports.
e) The MA or its affiliates may have other commercial transactions with the entity to which the report pertains. As an example, the MA may rate the issuer or any debt instruments / facilities issued or proposed to be issued by the issuer that is subject matter of this report. The MA may receive separate compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of the instruments, facilities, securities or from obligors.
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Careedge RATINGS
No. CARE/BRO/GEN/2026-27/1002
The Board of Directors
Aequs Limited
Aequs SEZ No. 437/A,
Hattargi Village Hukkeri Taluk,
Belagavi 591 243 Karnataka, India
Dear Sir,
Monitoring Agency Report for the quarter ended March 31, 2026 - in relation to the Initial Public Offer of Equity Shares of Aequs Limited ("the Company")
We write in our capacity of Monitoring Agency for the Initial Public Offer of 54,047,958 for the amount aggregating to Rs. 670.0 crore of the Company and refer to our duties cast under 41 of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations.
In this connection, we are enclosing the Monitoring Agency Report for the quarter ended March 31, 2026, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated November 12, 2025.
Request you to kindly take the same on records.
Thanking you,
Yours faithfully,
Himanshu Jain
Associate Director
[email protected]
Report of the Monitoring Agency
Name of the issuer: Aequs Limited
For quarter ended: March 31, 2026
Name of the Monitoring Agency: CARE Ratings Limited
(a) Deviation from the objects: None
(b) Range of Deviation: Not applicable
Declaration:
We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The MA does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013.
The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit related analyses. We confirm that there is no conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer, or while undertaking credit rating or other commercial transactions with the entity.
We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments, where applicable. There are certain sections of the report under the title "Comments of the Board of Directors", that shall be captured by the Issuer's Management / Audit Committee of the Board of Directors subsequent to the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by the MA, and the MA takes no responsibility for such comments of the issuer's Management/Board.
Signature:
Name and designation of the Authorized Signatory: Himanshu Jain
Designation of Authorized person/Signing Authority: Associate Director
CareEdge
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1) Issuer Details:
Name of the issuer
: Aequs Limited
Name of the promoter
: Aravind Shivaputrappa Melligeri, Aequs Manufacturing Investments Private Limited, Melligeri Private Family Foundation, The Melligeri Foundation
Industry/sector to which it belongs
: Capital goods- Aerospace & Defense
2) Issue Details
Issue Period
: December 03, 2025, to December 05, 2025
Type of issue (public/rights)
: Initial Public offer
Type of specified securities
: Equity Shares
IPO Grading, if any
: Not Applicable
Issue size (in crore)
: Rs. 670.0 crore
3) Details of the arrangement made to ensure the monitoring of issue proceeds:
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- Chartered Accountant certificate from peer reviewed internal auditor Guru and Jana LLP, dated April 21, 2026.
4) Details of objects to be monitored:
(i) Cost of objects -
- Chartered Accountant certificate from peer reviewed internal auditor Guru & Jana LLP, dated April 21, 2026.
(ii) Progress in the objects -
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- Chartered Accountant certificate from peer reviewed internal audit firm Guru & Jana LLP, dated April 21, 2026.
(iii) Deployment of unutilized proceeds:
^Outstanding as on March 31, 2026, is Rs. 28.25 crore out of which Rs. 20.56 crore pertains to IPO related issue expense and remaining Rs. 7.69 crore pertains to OFS related expenses.
(iv) Delay in implementation of the object(s) -
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| Objects | Completion Date | Delay (no. of days/ months) | Comments of the Board of Directors | ||
|---|---|---|---|---|---|
| As per the offer document | Actual* | Reason of delay | Proposed course of action | ||
| Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable, availed by: | By March 31, 2026 | Completed | - | No Comments | No Comments |
| (a) Our Company | By March 31, 2026 | Completed | - | No Comments | No Comments |
| (b) three of our wholly-owned Subsidiaries, through investment in the below Subsidiaries | By March 31, 2026 | Completed | - | No Comments | No Comments |
| (i) AeroStructures Manufacturing India Private Limited | By March 31, 2026 | Completed | - | No Comments | No Comments |
| (ii) Aequs Consumer Products Private Limited | By March 31, 2026 | Completed | - | No Comments | No Comments |
| (iii) Aequs Engineered Plastics Private Limited | By March 31, 2026 | Completed | - | No Comments | No Comments |
| Funding capital expenditure to be incurred on account of purchase of machinery and equipment by: | Rs. 48.15 crore by March 31, 2026 | ||||
| Rs. 15.852 crore by March 31, 2027 | By March 31, 2026: Rs. 17.094 crore completed | ||||
| By March 31, 2027: Ongoing | None | No Comments | No Comments | ||
| (a) our Company | Rs. 5.88 crore by March 31, 2026 | ||||
| Rs. 2.23 crore by March 31, 2027 | By March 31, 2026: Rs. 6.83 crore completed | ||||
| By March 31, 2027: Ongoing | None | No Comments | No Comments | ||
| (b) one of our wholly-owned Subsidiaries, AeroStructures Manufacturing India Private Limited, through investment in such Subsidiary | Rs. 42.27 crore by March 31, 2026 | ||||
| Rs. 13.62 crore by March 31, 2027 | By March 31, 2026: Rs. 10.27 crore completed | ||||
| By March 31, 2027: Ongoing | None | No Comments | No Comments | ||
| Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes | By March 31, 2027 | Ongoing | None | No Comments | No Comments |
*In case of continuing object(s), Please specify latest/ Revised estimate of the completion date
The above details were verified from the Information shared by Aequs Limited, final prospectus and the Chartered Accountant certificate from peer reviewed internal audit firm Guru & Jana LLP, dated April 13, 2026.
5) Details of utilization of proceeds stated as General Corporate Purpose (GCP) amount in the offer document:
| Sr. No | Item Head^ | Amount in Rs. Crore | Source of information / certifications considered by Monitoring Agency for preparation of report | Comments of Monitoring Agency | Comments of the Board of Directors |
|---|---|---|---|---|---|
| 1 | General Corporate Purposes | 4.00 | Chartered Accountant certificate* | ||
| Bank Statements | Rs. 4.00 crore Utilized towards working capital requirements of Aequs Toys Private Limited. | No Comments | |||
| Total | 4.00 |
- Chartered Accountant certificate from peer reviewed internal audit firm Guru & Jana LLP, dated April 21, 2026.
Section from the offer document related to GCP:
"The Net Proceeds will first be utilized for the Objects as set out above. Our Company intends to deploy any balances left out of the Net Proceeds and Net Pre-IPO Proceeds towards general corporate purposes, as approved by our management, from time to time, subject to (i) such utilization for general corporate purposes not exceeding 25% of the Gross Proceeds (including Pre-IPO Proceeds); and (ii) the cumulative amount to be utilized for general corporate purposes and our object of funding inorganic growth through unidentified acquisitions and other strategic initiatives shall not exceed 35% of the Gross Proceeds (including the Pre-IPO Proceeds), in compliance with Regulation 7(2) of the SEBI ICDR Regulations. Such general corporate purposes may include, but are not restricted to, the following:
- Strengthening marketing capabilities and brand building exercises;
- funding working capital requirements of our Company and Subsidiaries including by way of investments in the Subsidiaries; and/or
- meeting ongoing general corporate purposes or contingencies.
The allocation or quantum of utilization of funds towards the specific purposes described above will also be determined by our Board, based on our business requirements and other relevant considerations, from time to time. Our management, in accordance with the policies of the Board, shall have the flexibility in utilising surplus amounts, if any. In the event that our Company is unable to utilise the entire amount that our Company has currently estimated for use out of Net Proceeds in a Fiscal, our Company will utilise such unutilised amount in the next Fiscal.
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Disclaimers to MA report:
a) This Report is prepared by CARE Ratings Ltd (hereinafter referred to as "Monitoring Agency/MA"). The MA has taken utmost care to ensure accuracy and objectivity while developing this Report based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever.
b) This Report has to be seen in its entirety; the selective review of portions of the Report may lead to inaccurate assessments. For the purpose of this Report, MA has relied upon the information provided by the management /officials/ consultants of the Issuer and third-party sources like statutory auditors (or from peer reviewed CA firms) appointed by the Issuer believed by it to be accurate and reliable.
c) Nothing contained in this Report is capable or intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The MA is also not responsible for any errors in transmission and specifically states that it, or its directors, employees do not have any financial liabilities whatsoever to the users of this Report.
d) The MA and its affiliates do not act as a fiduciary. The MA and its affiliates also do not act as an expert to the extent defined under Section 2(38) of the Companies Act, 2013. While the MA has obtained information from sources it believes to be reliable, it does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives from auditors (or from peer reviewed CA firms), lawyers, chartered engineers or other experts, and relies on in its reports.
e) The MA or its affiliates may have other commercial transactions with the entity to which the report pertains. As an example, the MA may rate the issuer or any debt instruments / facilities issued or proposed to be issued by the issuer that is subject matter of this report. The MA may receive separate compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of the instruments, facilities, securities or from obligors.
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