We hereby confirm that during the half year ended September 30, 2025, there is no deviation or variation in the utilisation of proceeds from Initial Public Offer as per the objects stated ....
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Beezaasan Explotech has confirmed there is no deviation or variation in the use of funds raised through its February 2025 IPO, as per the objects stated in the offer document. The company raised gross proceeds of Rs. 59.93 crore (net proceeds of Rs. 52.32 crore after issue expenses). As of September 30, 2025, it has utilised Rs. 29.45 crore (about 56% of net proceeds), with the balance largely pending statutory approvals under Explosive Rules, 2008. Key deployment includes Rs. 18 crore used for repaying borrowings (fully utilised), Rs. 3.93 crore for general corporate purposes (fully utilised), and partial spending on capex for expansion of its Emulsion Explosive, Bulk Explosive and Detonating Fuse plants at Bhanthala (Gujarat) and a new magazine at Felsani (Gujarat). About Rs. 20 crore is temporarily parked in Fixed Deposit Receipts pending approvals.
This is a routine compliance disclosure, and the no-deviation confirmation is reassuring for shareholders, showing disciplined fund usage. However, around 44% of IPO proceeds remain unutilised due to pending explosives-related regulatory approvals, which could delay the full benefit of the expansion project on future revenues and margins.