Deepak Builders & Engineers India Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
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Deepak Builders & Engineers India Limited has filed its quarterly statement on fund utilisation for the IPO proceeds raised in October 2024. The company raised Rs. 2,600.43 million through a public issue (Fresh Issue & OFS). There is NO deviation or variation in the utilisation of funds as compared to theobjectsstated in the prospectus. The monitoring agency, CRISIL Ratings Limited, has reviewed the utilisation. The company has deployed Rs. 2,170.76 million out of Rs. 2,172.10 million in gross proceeds, with Rs. 0.68 million remaining unutilised and retained in the Monitoring Account and Public Offer Account with HDFC Bank. Minor reallocations include slightly higher spend on General Corporate Purposes (Rs. 542.65M vs Rs. 497.70M planned) offset by lower Issue Expenses (Rs. 208.55M vs Rs. 254.84M planned). Both the Audit Committee and auditors have provided NIL comments.
Positive signal for shareholders as the company has deployed IPO proceeds largely as promised with no material deviations. The Rs. 0.68 million unutilised amount is minimal and retained in designated accounts per regulations.