Brigade Hotel Ventures Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
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Brigade Hotel Ventures has filed its quarterly Reg. 32 statement confirming that there is no deviation or variation in the use of funds raised through its Pre-IPO Placement (Rs. 126 crore raised in July 2025) and IPO (Rs. 759.60 crore raised in July 2025). As of March 31, 2026, the company has utilised Rs. 662.77 crore of IPO proceeds — fully deploying Rs. 468.14 crore for repayment of borrowings (Rs. 413.69 crore for itself and Rs. 54.45 crore for material subsidiary SRP Prosperita) and Rs. 107.52 crore for buying land from promoter Brigade Enterprises. The remaining Rs. 39.80 crore has been used towards general corporate purposes and Rs. 47.31 crore for issue-related expenses. From the Pre-IPO placement, only Rs. 3.10 crore has been utilised so far, all toward issue expenses. CARE Ratings is acting as the monitoring agency. The filing also notes some co-mingling of GCP and issue expense payments via the company's OD account, though the company maintains this does not constitute a deviation.
This is a routine compliance filing confirming that IPO and Pre-IPO funds are being used as disclosed in the prospectus. Shareholders get visibility into deployment progress — debt repayment and land acquisition are complete, while the inorganic growth/GCP bucket remains largely undeployed. Minor governance note on co-mingling of funds is worth tracking but is not flagged as a formal deviation.