iware supplychain services Reports Partial IPO Fund Utilisation as Industrial Shed Project Faces Delays

iware supplychain services has filed its Statement of Deviation(s) or Variation(s) under Regulation 32 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as on 31st March, 2026. The statement was submitted to the National Stock Exchange of India and reviewed by the company's Audit Committee and Board of Directors at their meeting held on 12th May, 2026. The disclosure pertains to the utilisation of proceeds raised through the company's Initial Public Offering (IPO), as outlined in the Offer Document dated 24th April, 2025.

IPO Proceeds Utilisation Overview

The statement, certified by M/s. JAYAM & Associates LLP (FRN No. 130968W), Chartered Accountants, provides a detailed account of how IPO funds have been deployed across four stated objectives as at 31st March, 2026. While most objectives have been fully utilised, the capital expenditure allocation for the construction of a new industrial shed remains partially pending. The table below presents the utilisation status across all objectives (Rs in Lacs):

Objective:	Original Allocation till March 31, 2026	Amount Utilized till March 31, 2026	Amount Pending for Utilization
Setting-up Industrial Shed at Chadvada Bhachau, Kutch, Gujarat	1406.43	1057.32	349.11
Funding Working Capital Requirements	680.00	680.00	--
General Corporate Purpose	386.77	386.77	--
Issue Expenses	240.00	240.00	--

Industrial Shed Construction Faces Execution Delays

The only objective with a pending utilisation is the setting-up of an industrial shed at Chadvada Bhachau, Kutch, Gujarat. Against an original allocation of Rs 1,406.43 lacs, the company has utilised Rs 1,057.32 lacs, leaving Rs 349.11 lacs pending as of 31st March, 2026. The company attributed the shortfall to unforeseen labour shortages and execution-related challenges encountered during February and March 2026, which prevented the project from being completed within the stipulated timeline.

Auditor's Certification and Compliance

The statement has been independently certified by CA Rachit Shah (M. No. 157588), Designated Partner at JAYAM & Associates LLP, Chartered Accountants, Vadodara, dated 12th May, 2026. The auditor's opinion, based on verification of books of account, bank statements, mutual fund statements, vendor invoices, utilisation schedules, and written management representations, confirms that the Statement of Utilisation of IPO Proceeds is true and correct, and that the company has, in all material respects, utilised the IPO proceeds in accordance with the objectives stated in the Offer Document. The certificate was issued solely for submission to NSE EMERGE.

The filing was signed by Krishnakumar Jagadishprasad Tanwar, Managing Director (DIN: 0349482), on behalf of iware supplychain services, in compliance with Regulation 32(1)(a) and (b) of the SEBI (LODR) Regulations, 2015.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-4.99%	-9.98%	+49.93%	+81.12%	+307.14%	+326.27%

iWare Supplychain Services Limited (formerly known as Iware Supplychain Services Private Limited) has filed a corrigendum to the notice of its Extraordinary General Meeting (EGM) scheduled for Tuesday, May 26, 2026, at 11:30 A.M. through Video Conferencing/Other Audio-Visual Means (VC/OAVM). The corrigendum, dated May 12, 2026, was issued in response to NSE's communication dated May 07, 2026, which had sought certain clarifications and additional information with respect to the company's proposed preferential issue.

Background and Purpose of the Corrigendum

The original EGM notice was circulated to shareholders on May 04, 2026, with the meeting to be held at the company's registered office at 7th Floor, 707, Iscon Elegance, Nr. Jain Temple, Prahaladnagar Cross Road, S.G. Highway, Ahmedabad – 380051, Gujarat, India. The corrigendum forms an integral part of the EGM notice and is to be read in conjunction with it. All other contents of the original EGM notice remain unchanged, save for the modifications outlined in the corrigendum.

Key Changes Introduced by the Corrigendum

The corrigendum introduces several updates to the explanatory statement of the original EGM notice dated April 30, 2026. The key modifications are as follows:

Point No. 7 (Valuation Report): A disclosure regarding a corrigendum to the Valuation Report has been inserted, along with a direct access link. As per the Valuation Report, the floor price per equity share of the company is ₹254.09 each.
Point No. 12 (Ultimate Beneficial Owners): Details of natural persons who are the ultimate beneficial owners of the shares proposed to be allotted have been updated (Annexure II).
Point No. 14 (Shareholding Pattern): The shareholding pattern of the company before and after the preferential issue has been updated (Annexure III).
Point No. 18 (PCS Certificate): A direct access link to the certificate from M/s. Jigar Trivedi & Co., the Practicing Company Secretary, has been inserted, certifying compliance with SEBI ICDR Regulations.
Point No. 19 (Post-Issue Capital Percentage): The percentage of post-preferential issue capital to be held by proposed allottees has been updated (Annexure I).
Point No. 20 (Class of Allottees): The class or classes of persons to whom the allotment is proposed to be made have been updated (Annexure I).
Point No. 24 (Current and Proposed Status of Allottees): The current and proposed status of allottees post the preferential issue has been updated (Annexure I).

The company has also confirmed that there shall be no change in the management or control of the company pursuant to the proposed issue and allotment of equity shares.

Proposed Allottees and Post-Issue Shareholding

The preferential issue involves allotment of equity shares to 23 proposed allottees, all of whom are classified as non-promoters post-issue. The table below details the allotment particulars:

Sr. No.	Name of Proposed Allottee	No. of Equity Shares to be Allotted	Post-Issue % of Capital
1.	Vijay Kishanlal Kedia	3,45,600	3.00
2.	Kedia Securities Private Limited	3,45,600	3.00
3.	Ankit Babel	15,000	0.13
4.	Sushant Sushil Dalmia	15,000	0.13
5.	Basu Deo Gupta HUF	15,000	0.44
6.	Mukesh Agarwal	4,800	0.04
7.	Shriram Kondiba Vijapure	4,200	0.04
8.	Saurabh Gokulprasad Khandelwal	4,200	0.04
9.	Nikita Khetan	3,600	0.03
10.	Pathri Sai Krishna	3,000	0.03
11.	Salman Mahmadsalim Shethiya	3,000	0.03
12.	Jainil Avnishbhai Shah HUF	3,000	0.03
13.	Sunil Ranasaria	3,000	0.03
14.	Nitin Agarwal	3,000	0.03
15.	Ayush Jindal	3,000	0.03
16.	Pankaj Jalan	3,000	0.03
17.	Pranav Jalan	3,000	0.03
18.	Ashutosh Modi	3,000	0.03
19.	Monika Bala	2,400	0.02
20.	Dikshita Modi	2,400	0.02
21.	Girisha Maheshwari	2,400	0.03
22.	Dinesh Chandra Agarwal	1,800	0.02
23.	Poonam Raheja	1,800	0.02

Shareholding Pattern Before and After the Preferential Issue

The updated shareholding pattern reflects a shift in the ownership structure following the proposed preferential allotment. The promoter holding is set to decline, while non-promoter holdings will increase correspondingly.

Category	Pre-Issue Shares	Pre-Issue %	Post-Issue Shares	Post-Issue %
Promoters – Individual	83,916	0.78	83,916	0.73
Promoters – Bodies Corporate	78,55,284	73.30	78,55,284	68.27
Sub-total (A) – Promoters	79,39,200	74.08	79,39,200	69.00
Institutional Investors	50,400	0.47	50,400	0.44
Private Corporate Bodies	1,68,000	1.57	5,13,600	4.46
Indian Public	22,29,600	20.81	26,59,800	23.12
Others (including NRIs)	3,28,800	3.07	3,43,800	2.98
Sub-total (B) – Non-Promoters	27,76,800	25.92	35,67,600	31.00
Grand Total	1,07,16,000	100	1,15,06,800	100

Ultimate Beneficial Owners

As part of the updated disclosures, the corrigendum also identifies the ultimate beneficial owners for certain proposed allottees. Notably, Kedia Securities Private Limited's ultimate beneficial owners are identified as Vijay Kishanlal Kedia and Manju Vijay Kedia. Basu Deo Gupta HUF's ultimate beneficial owner is Basu Deo Gupta, who holds 36,000 shares (0.34%) pre-preferential issue. Jainil Avnishbhai Shah HUF's ultimate beneficial owner is identified as Jainil Shah.

The corrigendum and all related documents, including the updated Valuation Report and the PCS compliance certificate, are available on the company's website at https://iware.co.in . The corrigendum has been signed by Alka Kumari, Company Secretary and Compliance Officer (ACS No.: 31249), and is dated May 12, 2026, from Ahmedabad.