HP Adhesives 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.
HP Adhesives has filed its quarterly Reg. 32 disclosure for the quarter ended 31st March 2025, confirming no formal deviation or variation in the use of funds raised through its December 2021 IPO (total Rs. 1,259.63 million). The IPO had raised Rs. 1,134.36 million as fresh issue and Rs. 125.27 million via offer for sale. Of the original allocations, working capital (Rs. 540 Mn) and general corporate purposes (Rs. 171.82 Mn) have been fully utilized, while capex stands at Rs. 231.36 Mn utilized out of Rs. 255.09 Mn allotted. The company notes a delay in capex utilization versus the revised timeline given in the Q1FY2023 monitoring agency report, though this does not constitute a deviation. The audit committee and auditors have offered no comments, and ICICI Bank is the monitoring agency.
Routine compliance filing with no material deviation flagged — neutral for the stock. The lingering capex under-utilization (around 9% of the capex allocation still pending) is a minor watchpoint for shareholders but has been previously disclosed, so no fresh negative surprise is expected.