Ceigall India Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
CEIGALL · price
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Awaiting price reaction for this filing.
Ceigall India has filed the ICRA Monitoring Agency Report for the quarter and year ended March 31, 2025, covering use of IPO proceeds raised in August 2024. The IPO size was Rs. 1,252.66 crore, of which the company received net proceeds of Rs. 652.31 crore (after excluding the Offer for Sale portion and issue expenses of Rs. 31.94 crore). There is no material deviation from the stated objects of the issue, though Rs. 0.158 crore originally earmarked for loan prepayment was reallocated to General Corporate Purposes (GCP), along with small rounding balances from loan repayments (Rs. 0.093 cr and Rs. 0.065 cr). By March-end, Rs. 675.96 crore out of Rs. 684.41 crore had been deployed, with Rs. 8.30 crore of issue expenses still pending and Rs. 15.30 crore sitting in an escrow account. Equipment purchases (Rs. 99.79 cr), loan repayments for the company (Rs. 384.48 cr) and subsidiary Ceigall Infra Projects (Rs. 28.76 cr) are fully done, while GCP funds (Rs. 139.28 cr) were infused as equity and unsecured loans into SPVs (Ceigall Ayodhya Bypass and Ceigall Northern Ayodhya Bypass), which in turn used the money to pay Ceigall India itself as the EPC contractor for HAM road projects.
Positive for shareholders – the report confirms IPO money has been spent as promised, with no major diversions and all project objects on schedule. However, retail investors should note that a meaningful chunk of GCP funds was moved between Ceigall group entities (company → SPVs → back to company as EPC contractor), which is a related-party circular flow worth tracking.