Statement of Deviation and Variation of funds raised through public issue IPO as on March 31, 2025
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Awaiting price reaction for this filing.
Broach Lifecare Hospital has filed its mandatory half-yearly update on how it used the money raised from its IPO, which closed on August 19, 2024 with a total raise of Rs. 402 lakhs. The company confirms there is no deviation or variation from the objects stated at the time of the IPO. Out of the proceeds, Rs. 45 lakhs for issue expenses and Rs. 19.55 lakhs for general corporate purposes have been fully deployed. Rs. 155 lakhs has been spent on medical equipment against an original plan of Rs. 262.45 lakhs, with orders already placed and payment pending on delivery. Rs. 48 lakhs has been spent on the medical tourism portal against Rs. 75 lakhs allocated. The unutilised amount of Rs. 319.50 lakhs is parked in bank fixed deposits.
This is a routine compliance filing under SEBI rules and shows no misuse of IPO money. Pending deployment of funds in fixed deposits is normal for a recently listed hospital company. No negative signal for shareholders, though the gap between planned and actual spend on medical equipment suggests execution is still in progress.