Statement of Deviation or Variation as on 30/09/2025
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Awaiting price reaction for this filing.
Avax Apparels and Ornaments Ltd has filed a compliance statement confirming there is no deviation or variation in the use of funds raised through its Initial Public Offer (IPO), which was conducted on January 10, 2025 for Rs. 191.80 Lakhs. The IPO proceeds were earmarked for three purposes: Working Capital Requirement (Rs. 150.00 Lakhs), General Corporate Purposes (Rs. 21.80 Lakhs), and Issue Expenses (Rs. 20.00 Lakhs). As of September 30, 2025, the company reports NIL utilization across all three objects. The statement was reviewed by the Audit Committee at its meeting on November 12, 2025, with no comments, and the auditors had nothing to add. No monitoring agency was appointed, likely because the amount raised is below the SEBI threshold requiring one.
For shareholders, this is a routine compliance filing confirming the IPO funds are being tracked. However, investors should note that nearly 9 months after the IPO, the entire Rs. 191.80 Lakhs raised remains unutilized — which raises questions about the company's deployment plans and could delay the intended working capital benefits the IPO was meant to deliver.