Ideaforge Technology Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
IDEAFORGE · price
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Ideaforge Technology has filed a quarterly confirmation under SEBI Regulation 32 stating that during the quarter ended June 30, 2025, there has been no deviation or variation in the use of IPO proceeds from the objects disclosed in its prospectus dated June 19, 2023. The company had raised Rs. 567.245 Crores through its IPO on July 5, 2023. The statement was reviewed and approved by the Audit Committee at its meeting held on July 22, 2025. ICRA Limited is acting as the monitoring agency, and auditors have also noted no concerns. The disclosed objects tracked in the filing include repayment/prepayment of indebtedness (Rs. 50 Cr), funding working capital gap (Rs. 135 Cr), investment in product development (Rs. 40 Cr), and general corporate purposes (Rs. 0.16 Cr), totaling Rs. 225.16 Cr as per the table provided.
This is a routine compliance filing confirming that the company has used IPO funds in line with its stated objectives, which is a neutral-to-positive signal for shareholders as it reflects disciplined capital allocation and good governance. No material impact on stock price is expected from this disclosure alone.