Flywings Simulator Training Centre Ltd has submitted a certificate from its statutory auditor detailing the utilization of funds raised through its Initial Public Offer (IPO) for the half year ended March 31, 2026. The disclosure, submitted to the National Stock Exchange of India Limited on May 30, 2026, confirms that the company utilized ₹19.31 crore from the net proceeds of the fresh issue for specific objects including capital expenditure and general corporate purposes. The auditor verified that the usage aligns with the audited financial statements for the year ended March 31, 2026, and found no deviation from the original allocation plans.

The company had issued 29,86,800 equity shares with a face value of ₹10 each at an issue price of ₹191 per share, aggregating to ₹57,04,78,800. Of this total issue, 4,74,000 equity shares aggregating to ₹9,05,34,000 constituted an Offer for Sale (OFS), while 25,12,800 equity shares aggregating to ₹47,99,44,800 constituted the fresh issue available to the company. The equity shares were listed on the SME Platform of the National Stock Exchange of India Limited on December 12, 2025.

Utilization of IPO Proceeds

The certificate issued by Jain and Jain LLP, Chartered Accountants, outlines the deployment of the ₹47.99 crore raised through the fresh issue. The funds were earmarked for capital expenditure towards the purchase of machineries, general corporate purpose, and issue-related expenses. The auditor confirmed that the statement of utilization is in agreement with the books of account and that no funds were utilized for purposes other than those stated in the offer document.

The following table details the allocation and utilization of the proceeds for the half year ended March 31, 2026:

Auditor's Opinion

Jain and Jain LLP stated that based on their examination and the information provided, the statement of utilization fairly presents the manner in which the funds were used. The financial statements for the year ended March 31, 2026, were audited by the firm, which issued an unmodified audit opinion dated May 30, 2026. The audit was conducted in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India.

The company confirmed that there was no deviation or variation in the use of the funds raised compared to the original objects disclosed in the offer document. The monitoring agency was noted as not applicable for the utilization of these proceeds.

Flywings Simulator Training Centre Limited held an Extra Ordinary General Meeting (EGM) on May 28, 2026, approving the variation in utilization of funds raised through its Initial Public Offer (IPO). The meeting, held at the company's registered office in Gurugram, also sanctioned the alteration of the Main Objects as set out in the Memorandum of Association. These decisions were passed as special resolutions, allowing the company to modify its capital allocation strategy and corporate objectives.

The EGM was convened in compliance with the Companies Act, 2013, and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Mrs. Rupal Sanjay Mandavia, Managing Director and Chairperson of the Board, presided over the meeting, which commenced at 03:00 PM and concluded at 03:30 PM. Mr. Sumit Bajaj, Practicing Company Secretary, was appointed as the Scrutinizer to oversee the voting process.

Shareholders were provided with a remote e-voting facility facilitated by Bigshare Services Private Limited from May 25, 2026, to May 27, 2026. Members who did not vote remotely were permitted to cast their votes via ballot paper at the venue. The detailed voting results will be submitted to the National Stock Exchange of India Limited and made available on the company's website.

The two special resolutions tabled at the meeting addressed key structural changes for the company. The first resolution sought approval for the variation in the use of IPO funds originally outlined in the Prospectus dated December 10, 2025. The second resolution concerned the alteration of the Main Objects in Clause III(A) of the Memorandum of Association, reflecting a shift in the company's operational focus.

Meeting Particulars

Resolutions Passed