Indiqube Spaces seeks nod to vary IPO fund use
Indiqube Spaces Limited has initiated a postal ballot process to seek shareholder approval for varying the utilisation of its IPO proceeds and revising executive remuneration. The company proposes to reallocate ₹1,870 million from capital expenditure for new centers to security deposits, fit-outs, renewable power infrastructure, and strategic real estate. The remote e-voting is scheduled from May 26 to June 24, 2026, requiring a 90% supermajority for the variation to pass.
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Indiqube Spaces Limited has initiated a postal ballot process seeking shareholder approval to vary the utilisation of its Initial Public Offering (IPO) proceeds and revise the remuneration of its senior executives. The company proposes to reallocate ₹1,870 million from the capital expenditure earmarked for establishing new centers to four new objects, including funding security deposits, fit-outs in non-Indiqube properties, renewable power infrastructure, and strategic commercial real estate opportunities. The remote e-voting process for these special resolutions is scheduled from May 26 to June 24, 2026.
The company had raised ₹6,044.59 million through its IPO in the Financial Year 2025-26. As of May 11, 2026, ₹3,511.83 million of the proceeds remained unutilised. The Board proposes to reduce the allocation for funding capital expenditure towards new centers from ₹4,626.49 million to ₹2,756.49 million. The reallocated funds include ₹520 million for security deposits, ₹550 million for fit-outs and interiors, ₹160 million for renewable power infrastructure, and ₹640 million for capital deployment in strategic real estate assets.
The variation in the objects of the IPO proceeds requires approval by a majority of more than 90% of the shareholding. The company stated that if the resolution passes the statutory threshold for a special resolution but fails to secure the 90% supermajority, the variation will not be implemented, and the exit offer provisions under SEBI ICDR Regulations will not apply. The revised utilisation is expected to be completed by Fiscal 2028.
In addition to the capital reallocation, the postal ballot includes special resolutions for revising the remuneration of Mr. Rishi Das, Chairman, Executive Director and Chief Executive Officer, and Ms. Meghna Agarwal, Chief Operating Officer and Executive Director. The Board has approved a revision in their remuneration for a period of three years effective December 18, 2025. The proposed base compensation for both executives is ₹26,400,000 per annum, with a performance-linked incentive of up to 15% of the base compensation.
The company reported a net loss of ₹1,063.42 million for the financial year ended March 31, 2026, compared to a net loss of ₹1,396.17 million in the previous year. The loss is attributed to the application of Ind AS, requiring the recognition of depreciation on right-of-use assets and interest on lease liabilities. The notice confirms that none of the directors or key managerial personnel, other than the interested parties, are financially concerned with the resolutions beyond their shareholding.
Ms. Varsha V Shenoy of M/s. VVS and Associates has been appointed as the Scrutinizer for the postal ballot process. Shareholders whose names appear in the Register of Members or List of Beneficial Owners as on May 22, 2026, are eligible to vote. The results of the postal ballot will be declared on the company’s website and communicated to the stock exchanges following the conclusion of the voting period.
Summary of Proposed Variation in IPO Proceeds
| Object | Original Allocation (₹ Million) | Revised Allocation (₹ Million) |
|---|---|---|
| Funding capital expenditure for new centers | 4,626.49 | 2,756.49 |
| Repayment of borrowings | 913.40 | 913.40 |
| General corporate purpose | 504.70 | 504.70 |
| Funding security deposit for new centers | - | 520.00 |
| Funding capital expenditure for fit-outs | - | 550.00 |
| Funding renewable power infrastructure | - | 160.00 |
| Capital deployment in strategic real estate | - | 640.00 |
| Total | 6,044.59 | 6,044.59 |
Historical Stock Returns for Indiqube Spaces
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -2.68% | -8.15% | -9.61% | -30.12% | -26.88% | -26.88% |
What factors drove the strategic shift away from establishing new centers toward acquiring strategic real estate assets?
How will the reduction in capital expenditure for new centers impact Indiqube's long-term expansion capacity and market share?
What specific performance metrics will be used to determine the 15% performance-linked incentive for the senior executives?
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