Excellent Wires Uses Full ₹12.60 Crore IPO Proceeds After ₹145.69 Lakh Reallocation

Key Takeaways

• Excellent Wires and Packaging reported that the full ₹12.60 crore raised through its 2024 IPO had been utilised as of 30 September 2026. 
• Shareholders had earlier approved shifting ₹145.69 lakh from general corporate purposes to acquisition of land and construction of a building. 
• The revised land and building allocation rose to ₹723.87 lakh, while the general corporate purposes allocation fell to ₹86.13 lakh. 

Excellent Wires and Packaging has reported full utilisation of the ₹12.60 crore raised through its initial public offering, after completing an earlier shareholder-approved reallocation between two of the IPO's stated objects. 

The company's deviation and variation statement for the period ended 30 September 2026 shows ₹1,260 lakh of IPO proceeds as utilised, leaving no unutilised amount. The statement was reviewed by the Audit Committee and taken on record by the board on 27 October 2026. 

The disclosure continues to identify a variation in the use of proceeds because the company changed the allocation between general corporate purposes and acquisition of land and construction of a building. 

₹145.69 lakh shifted to land and building 

Excellent Wires had originally earmarked ₹578.18 lakh for acquisition of land and construction of a building. That allocation was subsequently increased by ₹145.69 lakh to ₹723.87 lakh. 

The same amount was taken from the general corporate purposes allocation, which fell from ₹231.82 lakh to ₹86.13 lakh. The company said it did not expect to spend the unused balance originally set aside for general corporate purposes and therefore proposed deploying it towards the land and building objective. 

The board approved the proposal on 26 July 2025, subject to shareholder consent. Shareholders subsequently cleared the change through a special resolution at the annual general meeting on 19 August 2025, with more than 90% of votes cast in favour. 

The revised allocation has now been fully used. The filing records utilisation of ₹723.87 lakh for land and building, ₹200 lakh for plant and machinery, ₹150 lakh for additional working capital, ₹86.13 lakh for general corporate purposes and ₹100 lakh for offer expenses. Together, these amounts total ₹1,260 lakh. 

The company's auditor, Suthar Parab & Co., certified the utilisation figures after examining supporting documents, vouchers and entries in the company's books. The certificate dated 27 October states that no amount remained unutilised as of 30 September 2026. 

Excellent Wires raised the money through its SME IPO in September 2024. NSE records show the issue was open for subscription from 11 September to 13 September 2024, while the company's latest filing identifies 16 September 2024 as the allotment date. 

The latest disclosure therefore does not indicate a fresh diversion of IPO money during the September 2026 reporting period. Instead, it records the utilisation position after implementation of the allocation change that shareholders had already approved in August 2025.