Statement of Deviation & Variation in Utilisation of Initial Public Offer(IPO) Proceeds of the Company for the Half-Year ended March 31, 2026
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Gallard Steel Ltd has confirmed no deviation in the utilization of Rs. 37.50 crore IPO proceeds raised on January 24, 2025. The IPO raised funds through 25 lakh fresh equity shares at Rs. 150 each. As of March 31, 2026, only Rs. 1,148.50 lakhs (30.6%) has been utilized, leaving Rs. 2,601.50 lakhs unutilized. Capital expenditure for expansion saw the lowest utilization at Rs. 480.75 lakhs out of Rs. 2,073.01 lakhs allocated (23%). Repayment of debt and issue expenses were fully utilized. The unspent funds are temporarily parked in fixed deposits with Yes Bank.
The slow pace of capital expenditure utilization suggests the expansion plans at Pithampur plant are still in early stages. Shareholders can note that the majority of IPO funds remain intact, but deployment is lagging behind schedule. This is not classified as a deviation as the funds are being deployed per the prospectus objectives.