A statement of Deviation/variation, confirming that there is no deviation or variation in utilisation of proceeds is enclosed herewith.
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Awaiting price reaction for this filing.
Beezaasan Explotech, which raised Rs. 59.93 crore (gross) through its IPO in February 2025, has filed its half-yearly statement confirming there is no deviation or variation in the use of IPO funds as per the original objects. Net proceeds of Rs. 52.33 crore (revised slightly to Rs. 52.32 crore due to marginally higher issue expenses) have been partially deployed, with Rs. 21.87 crore utilized so far. Key deployments include Rs. 18 crore used for repayment/prepayment of borrowings (deposited in Cash Credit account), Rs. 2.09 crore for general corporate purposes, and early-stage spending on civil construction and plant & machinery for the expansion of explosive manufacturing units at Bhanthala, Gujarat. Some components of the expansion are awaiting approvals under the Explosive Rules, 2008, so Rs. 20 crore has been temporarily parked in fixed deposits and Rs. 10.45 crore remains in the Cash Credit account. The objects of the issue remain unchanged and the statement has been reviewed by the Audit Committee on May 29, 2025.
This is a routine compliance filing and signals responsible fund management. There is no deviation from stated IPO objects, though investors should note that expansion spending is partly delayed pending regulatory clearances, and the company is sitting on a large unutilized cash pile in FDRs, which could slightly drag on near-term return ratios but provides flexibility for the planned capex.