Statement of Deviation or Variation for the quarter ended 31st March, 2026.
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HP Adhesives has filed its quarterly fund utilization statement for Q4 ended March 2026, covering its December 2021 IPO proceeds of Rs. 1259.63 million. The company has confirmed NO deviation in how the funds were utilized against the disclosed objects. All IPO funds have been fully deployed: Rs. 540 million for working capital, Rs. 255.09 million for capital expenditure, and Rs. 171.82 million for general corporate purposes. However, the filing notes a delay in Capex implementation compared to the original timeline proposed in the prospectus - this was previously disclosed in the March 2023 monitoring report. The company also reports surplus funds of approximately Rs. 4.6 crores (interest accrued over time) held in monitoring agency accounts, to be used for growth purposes.
For investors, this filing is largely reassuring - funds were deployed as intended with no misuse. The Capex delay is a historical issue already disclosed. Full utilization of IPO proceeds after 4+ years indicates successful deployment of capital raised at IPO.