Harsha Engineers International Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
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Awaiting price reaction for this filing.
Harsha Engineers International has filed a quarterly compliance statement confirming that there is no deviation or variation in the use of funds raised through its September 2022 IPO, which raised ₹455 crores as a fresh issue. Of the ₹429.40 crores allocated across four purposes, ₹424.96 crores (about 99%) has been utilized. Allocations included ₹270 cr for pre-payment of borrowings (fully used), ₹77.95 cr for machinery purchase (₹73.51 cr used), ₹7.12 cr for infrastructure repairs (fully used), and ₹74.33 cr for general corporate purposes (fully used). The Audit Committee reviewed the statement with no comments, and CARE Ratings served as the monitoring agency.
This is a routine compliance filing and a positive signal — it confirms the company is deploying IPO funds exactly as promised to shareholders in the prospectus, with only a small unutilized amount of about ₹4.4 crores in the machinery purchase category. Investors should view this as transparency and good governance, with no negative implications for the stock.