HP Adhesives Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
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HP Adhesives has filed a quarterly statement confirming there is no deviation or variation in the use of proceeds from its December 2021 IPO, which raised a total of Rs. 1,259.63 million (Rs. 1,134.36 million fresh issue and Rs. 125.27 million offer for sale). As of December 31, 2025, the company has fully utilised Rs. 540 million for working capital, Rs. 253.69 million of the Rs. 255.09 million allocated for capex, and Rs. 171.82 million of the Rs. 172.35 million earmarked for general corporate purposes. ICICI Bank, the monitoring agency, reviewed the utilisation, and the auditors had no comments. The filing notes an existing delay in capex deployment versus the original prospectus timeline, which was already flagged in the March 2023 monitoring agency report.
The disclosure is largely procedural and neutral for shareholders — funds have been deployed in line with stated objects with no fresh deviation. Investors should note the lingering capex deployment lag, though no new concerns are raised in this filing.