Sri Lotus Developers Reports ₹95.27 Crore IPO Proceeds Utilization in Q2 FY26
Sri Lotus Developers & Realty Limited has utilized ₹95.27 crore from its ₹792 crore IPO proceeds as of September 30, 2025. ₹143.71 crore was invested in three subsidiaries for ongoing projects: Amalfi, The Arcadian, and Varun. ₹5 crore was allocated for advance tax, and ₹53.33 crore for IPO-related expenses. ₹696.73 crore remains unutilized, deployed in fixed deposits and current accounts. The monitoring agency, CARE Ratings Limited, confirmed no deviation from stated IPO objectives.
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Sri Lotus Developers & Realty Limited has reported the utilization of ₹95.27 crore from its Initial Public Offer (IPO) proceeds during the quarter ended September 30, 2025. The company, which raised ₹792 crore through its IPO conducted from July 30 to August 1, 2025, has provided a detailed breakdown of the funds' deployment in its latest monitoring agency report.
Investment in Subsidiaries
A significant portion of the utilized funds, amounting to ₹143.71 crore, was invested in three of the company's subsidiaries:
- Richfeel Real Estate Private Limited
- Dhyan Projects Private Limited
- Tryksha Real Estate Private Limited
These investments are earmarked for construction and development costs of ongoing projects: Amalfi, The Arcadian, and Varun.
Project-wise Utilization
| Project | Subsidiary | Amount Invested (₹ Crore) | Utilization |
|---|---|---|---|
| Amalfi | Richfeel Real Estate Pvt Ltd | 16.00 | Construction costs: ₹1.45 Cr Permission and approval fees: ₹13.71 Cr |
| The Arcadian | Dhyan Project Pvt Ltd | 101.71 | Development rights: ₹2.98 Cr Government authorities: ₹87.42 Cr Construction materials and works: ₹8.09 Cr |
| Varun | Tryksha Real Estate Pvt Ltd | 26.00 | Construction costs: ₹1.93 Cr Permission and approval fees: ₹21.36 Cr |
Other Expenditures
- ₹5.00 crore was allocated for advance tax payments for the assessment year 2026-2027.
- ₹53.33 crore was utilized for issue-related expenses, including professional services, advertisement, travel costs for IPO roadshows, and legal services.
Unutilized Funds
The monitoring agency, CARE Ratings Limited, reported that ₹696.73 crore of the IPO proceeds remain unutilized. These funds have been deployed in fixed deposits and current accounts.
Compliance and Monitoring
The report, submitted in compliance with SEBI regulations, confirms that there has been no deviation from the stated objectives of the IPO. The company's use of funds aligns with its growth strategy and commitment to project development.
Sri Lotus Developers & Realty Limited's focus on residential and commercial real estate projects in Mumbai is evident from the allocation of funds to key ongoing projects. The company's investments in its subsidiaries for project development underscore its commitment to expanding its presence in the luxury and ultra-luxury segments of the real estate market.
As the real estate sector continues to evolve, Sri Lotus Developers' utilization of IPO proceeds positions it for future growth and project completion in line with its stated timelines.
