Game Changers Texfab Limited has filed its quarterly monitoring agency report with BSE Limited for the quarter ended December 31, 2025, providing detailed insights into the utilization of funds raised through its initial public offering. The report, mandated under SEBI regulations, demonstrates the company's systematic deployment of IPO proceeds across strategic business objectives.

IPO Proceeds and Deployment Overview

The textile company raised ₹54.83 crores through a fresh issue of 5376000 equity shares at ₹102 per share during October 2025. The monitoring report, prepared by Brickwork Ratings India Private Limited, covers the first quarter of fund utilization following the successful public offering.

Object-wise Fund Utilization Analysis

The company has deployed funds across four primary objectives as outlined in its offer document. The detailed utilization pattern shows strategic allocation towards business expansion and operational requirements.

The working capital segment received the highest allocation during the quarter, with ₹24.13 crores deployed to support ongoing operational requirements. Issue expenses exceeded the allocated amount by ₹2.72 crores, indicating higher than anticipated listing and regulatory costs.

Compliance and Monitoring Framework

The monitoring agency report confirms full compliance with SEBI regulations and offer document disclosures. Key compliance highlights include:

• No deviations observed from disclosed objects
• All government and statutory approvals obtained
• No material changes in financing means
• Utilization aligned with offer document commitments

Brickwork Ratings India Private Limited, appointed as the monitoring agency, has verified all fund deployments through bank statements, CA certificates, and company documentation. The agency confirms that all utilization follows the prescribed regulatory framework.

Unutilized Funds Management

The company has deployed ₹15.82 crores of unutilized proceeds in fixed deposits and bank accounts to ensure capital preservation while maintaining liquidity. The deployment strategy includes multiple fixed deposits of ₹3.00 crores each with 6.40% returns and maturity dates in November 2026.

Implementation Timeline and Progress

The report indicates no delays in implementation of stated objectives, with all activities progressing according to the financial year 2025-26 timeline outlined in the offer document. The company continues to execute its capital expenditure and working capital enhancement plans as scheduled.

The Board of Directors has taken the monitoring agency report on record during their meeting held on February 23, 2026, confirming oversight and governance of fund utilization processes.

Game changers texfab Limited announced that its board of directors has approved the incorporation of a new subsidiary company during a meeting held on February 23, 2026. The board meeting, which commenced at 02:00 P.M. and concluded at 04:30 P.M., resulted in the approval to establish Game Changers Attirex Private Limited as a wholly-owned subsidiary.

Subsidiary Company Details

The new subsidiary will operate under the name Game Changers Attirex Private Limited and will be incorporated in India. The company is being established to undertake manufacturing, sourcing, distribution and supply of school uniforms, corporate uniforms and related publication materials.

Capital Structure and Shareholding

The subsidiary will be incorporated with a paid-up capital of INR 10,00,000, comprising 1,00,000 equity shares of face value INR 10 each. The shareholding structure demonstrates Game Changers Texfab Limited's majority control while involving individual stakeholders.

Strategic Rationale and Business Impact

The incorporation of Game Changers Attirex Private Limited aligns with Game Changers Texfab Limited's long-term strategy to diversify its textile and apparel verticals and strengthen its presence in the institutional and uniform segment. The company's existing sourcing expertise, vendor relationships, and industry knowledge in the textile and fabric segment will serve as a strategic advantage for the subsidiary in terms of product development and supply-chain efficiency.

The establishment of this subsidiary will not involve any transfer of existing business operations or assets from the parent company. The board confirmed that the incorporation does not fall within related party transactions as none of the promoter, promoter group, or group companies have any interest in the entity being incorporated.

Regulatory Compliance and Timeline

The incorporation process is subject to necessary filings and approvals from the Registrar of Companies and applicable disclosures under SEBI (LODR) Regulations. The company expects to complete the incorporation within a period of 15-20 days from the date of intimation to the exchange.

The announcement was made in compliance with Regulation 30 and other applicable provisions of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, along with SEBI Circular no. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.