Hariom Pipe Industries Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
HARIOMPIPE · price
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Hariom Pipe Industries has confirmed to the stock exchanges that there was no deviation or variation in the use of funds raised through its Preferential Issue during the quarter ended March 31, 2025. The company had raised ₹190.20 crore through the preferential issue between March 27, 2023 and April 6, 2023, with the stated purpose being working capital requirements. As of March 31, 2025, ₹189.50 crore of the net proceeds had been fully utilised for working capital purposes, in line with the original allocation. The statement was reviewed by the Audit Committee on May 09, 2025, with ICRA Limited serving as the monitoring agency.
This is a routine compliance filing with no negative implications for shareholders. The fact that funds were used exactly as planned reinforces management's discipline and transparency, and removes any governance concerns regarding misuse of capital raised from investors.