Statement on deviation and variation of funds under regulation 32
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Benchmark Computer Solutions has submitted its quarterly statement on the use of IPO proceeds as required under SEBI Regulation 32. The company raised Rs. 12.24 crore through its IPO in December 2023, intended for working capital needs and general corporate purposes. Of this, Rs. 12.13 crore has been utilised so far, leaving a small balance of Rs. 11.13 lakh unutilised. The company confirms there has been no deviation or variation from the objects stated in the prospectus. The audit committee and auditors had no comments on the fund usage.
This is a routine compliance filing confirming IPO funds have been used as promised, with no misuse or diversion. For shareholders, this signals good governance and transparency, though the small unutilised balance means the company will need to continue filing such statements until funds are fully deployed.