Statement on Deviation or Variation of fund for the half year ended 31st March, 2025
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Avax Apparels and Ornaments Ltd has confirmed that there has been no deviation or variation in the use of funds raised through its Initial Public Offer (IPO). The company had raised Rs. 191.80 Lakhs via IPO on January 10, 2025. As of March 31, 2025, Rs. 150 Lakhs was fully deployed for working capital needs, Rs. 18.08 Lakhs was used out of Rs. 21.80 Lakhs earmarked for general corporate purposes, and Rs. 8.72 Lakhs out of Rs. 20 Lakhs allocated for issue expenses. The Audit Committee reviewed the statement at its meeting on May 23, 2025 and found no deviation from the original objects stated in the prospectus.
This is a routine, positive compliance disclosure. It reassures shareholders that IPO proceeds are being used exactly as promised at the time of listing, with no misuse or reallocation. Investors can expect modest impact on the stock, as this primarily confirms good governance and fund management discipline.