Submission of Statement of Deviation or Variation for the proceeds of public issue pursuant to Regulation 32 of SEBI(Listing Obligations And Disclosure Requirements) Regulations 2015 for ....
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Awaiting price reaction for this filing.
Glen Industries Limited has confirmed there is no deviation or variation in the use of funds raised through its IPO. The company raised Rs. 56.59 Crores (net of issue expenses), with the IPO allotted on July 11, 2025 and listed on July 15, 2025. Out of the total proceeds, Rs. 47.73 Crores was allocated for setting up a new manufacturing facility (of which Rs. 5.61 Crores has been utilized so far), and Rs. 8.86 Crores was earmarked for general corporate purposes (of which Rs. 5.98 Crores has been utilized). The statement is filed for the half year ended September 30, 2025, and is monitored by Infomerics Valuation and Rating Limited.
This is a routine compliance filing confirming IPO funds are being used as originally stated in the prospectus, with no diversions. Shareholders can take comfort that the company has not misused IPO proceeds, though only about Rs. 11.59 Crores (~20%) of the Rs. 56.59 Crores raised has been deployed in roughly 2.5 months, which may be worth tracking for timely use of the remaining capital.