Corporate Action28 May 2026, 11:27 pm
Purple Wave: IPO Funds for Property Deviated in Location
AI Summary
Purple Wave Infocom Limited reported a deviation in the utilization of ₹31.45 Crores raised via its Initial Public Offer (IPO) for the half-year ended March 31, 2026. The company originally planned to use funds for a commercial property in New Delhi but acquired an alternative property in Gurugram due to the seller's non-completion. The overall object of purchasing office space remained unchanged. Funds for debt repayment and general corporate purposes were utilized as planned, with actual issue expenses slightly exceeding estimates. The Audit Committee reviewed and confirmed the overall object was met despite the location change.
Key Highlights
- Purple Wave reported deviation in IPO fund utilization for H2 FY26.
- ₹31.45 Cr IPO funds raised on December 5, 2025.
- Capital expenditure property location changed from Delhi to Gurugram.
- Overall object of purchasing office space remained unchanged.
- Audit Committee reviewed and approved the property change.
Price Impact
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