Harsha Engineers International Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
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Harsha Engineers International has confirmed that there is no deviation or variation in the use of proceeds from its September 2022 IPO during the quarter ended March 31, 2025. The IPO had raised ₹45,500 lakhs (₹455 crores) as a fresh issue, with CARE Ratings acting as the monitoring agency. Of the total ₹429.40 crores allocated across objectives, ₹419.67 crores has been utilised so far. The full ₹270 crores earmarked for repayment of borrowings has been used, while ₹68.22 crores has been deployed out of the ₹77.95 crores planned for machinery purchase. Both infrastructure renovation (₹7.12 cr) and general corporate purposes (₹74.33 cr) have been fully utilised. The Audit Committee and Board reviewed and noted the statement at their May 8, 2025 meetings.
This is a routine compliance filing confirming disciplined use of IPO funds as originally planned, with no diversion. For shareholders, this signals good corporate governance and fund management discipline, though the unutilised ₹9.73 crores for machinery capex is yet to be deployed. No material impact on stock price is expected.