With reference to the stated subject, we hereby confirm that during the half year ended March 31, 2025, there is no deviation or variation in the utilisation of proceeds from the Initial ....
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Beezaasan Explotech has filed a routine compliance statement confirming that IPO proceeds raised in February 2025 have been used in line with the objects stated in the prospectus, with no deviation in purpose. The company raised Rs 59.93 crore gross (Rs 52.33 crore net, later revised marginally to Rs 52.32 crore) from its IPO and has utilised Rs 21.87 crore during the half year ended March 2025. The biggest deployment was Rs 18 crore towards repaying/prepaying borrowings, followed by Rs 2.09 crore for general corporate purposes and partial spending on expanding manufacturing facilities at Bhanthala, Gujarat for emulsion explosives and detonating fuse plants. Spending on some expansion items ran ahead of the original schedule due to faster project progress, while a magazine construction at Felsani saw lower-than-planned spend (Rs 7.49 lakh vs Rs 20.25 lakh planned). Certain expansion components are awaiting approvals under Explosive Rules 2008, so around Rs 20 crore sits in fixed deposits and Rs 10.45 crore in the cash credit account, to be deployed once clearances come through.
This is a routine SEBI compliance filing with no negative surprises on fund misuse, which is mildly reassuring for shareholders. However, roughly Rs 30 crore of IPO money remains parked in deposits pending regulatory clearances, meaning the capacity expansion that justified the IPO may take longer to deliver, which investors should watch.