Astonea Labs Ltd. Secures Shareholder Approval for IPO Object Variation
Astonea Labs Limited announced on March 27, 2026, that its shareholders have approved a variation in the objects of its Initial Public Offer (IPO). The approval was granted at an Extraordinary General Meeting held on the same date, enabling the company to revise the utilization of unutilized IPO proceeds.The company’s Board of Directors had previously approved the proposal for the variation, alongside the acquisition of equity shares in M/s. Damaira Pharmaceuticals Private Limited, at a meeting held on February 27, 2026. Shareholders had also previously approved the acquisition of up to 33.33% equity stake in Damaira Pharmaceuticals Private Limited at the Annual General Meeting held on December 27, 2025.
Utilisation of IPO Proceeds
The following table summarizes the original allocation, utilized amount, unutilized amount, and deviation for the IPO proceeds:
| Object | Original Allocation (₹) | Total Utilised Amount (₹) | Total Unutilised Amount as of 26.02.2026 (₹) | Deviation Amount (₹) | Remaining Amount for original allocation after deviation (₹) |
|---|---|---|---|---|---|
| Funding of expenses proposed to be incurred towards registration in Bolivia, South America | 1,28,97,000 | 0 | 1,28,97,000 | 53,97,000 | 75,00,000 |
| Purchase and installation of plant and machineries for ointment production for export | 5,23,40,000 | 3,00,57,814 | 2,22,82,186 | 2,22,82,186 | 0 |
| Advertising, marketing and brand building | 4,95,15,000 | 2,00,15,000 | 2,95,00,000 | 2,95,00,000 | 0 |
| Investment in procuring hardware and software | 68,38,000 | 15,44,825 | 52,93,175 | 52,93,175 | 0 |
| Funding of working capital requirements | 19,75,00,000 | 19,75,00,000 | 0 | N.A. | N.A. |
| General corporate purposes | 1,98,81,000 | 89,85,129 | 1,08,95,871 | 27,639 | 1,08,68,232 |
| Issue Expense | 3,76,79,000 | 3,76,79,000 | 0 | N.A. | N.A. |
| Total | 37,66,50,000 | 29,57,81,768 | 8,08,68,232 | 6,25,00,000 | 1,83,68,232 |
As of February 26, 2026, the company had ₹8,08,68,232 in unutilized IPO proceeds.
Reallocation of Funds
Out of the unutilized amount, ₹6,25,00,000 has been approved for reallocation towards the acquisition of equity shares in M/s. Damaira Pharmaceuticals Private Limited, representing a 16.59% variation in the total IPO proceeds. There were no dissenting shareholders regarding this variation.
The company anticipates the reallocation and acquisition to be completed within six months. The company stated that the variation is intended to facilitate a strategic investment in Damaira Pharmaceuticals Private Limited, with the objective of enhancing the company’s growth prospects and diversification of revenue streams.
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