Ethos Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
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Ethos Limited has filed its quarterly statement on the use of IPO proceeds originally raised in May 2022 (gross issue of Rs. 40,226 lakh, net proceeds of Rs. 33,968.39 lakh). The company confirms a deviation of Rs. 979.72 lakh under the object 'Financing the establishment of new stores and renovation of certain existing stores' because mall operations were delayed and store openings were held up for reasons beyond the company's control. This deviation was already approved by shareholders on March 21, 2024, with a deadline of 18 months to deploy the unutilized amount. Of the total net proceeds of Rs. 33,968.95 lakh, Rs. 32,989.23 lakh has been utilized so far, with the remaining Rs. 979.72 lakh pending deployment. All other IPO objects (loan repayment, working capital, ERP upgradation, and general corporate purposes) have been fully utilized in earlier quarters. CRISIL Ratings is the monitoring agency and had no adverse comments.
This is a routine compliance filing with no negative implications for shareholders. The deviation was pre-approved by shareholders and stems from external delays (mall openings), not mismanagement. The pending Rs. 979.72 lakh must be deployed by around September 2025, after which any further delay could attract regulatory attention. Investors should track the company's store expansion progress in upcoming quarters.