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 Limited has filed a routine compliance disclosure for the quarter ended March 31, 2025, confirming there is NO deviation or variation in the use of IPO proceeds from the objects stated in its prospectus dated June 19, 2023. The company raised Rs. 567.245 Crores through its IPO on July 5, 2023. ICRA Limited is the monitoring agency for the issue. The Audit Committee reviewed the statement at its meeting on May 8, 2025, and the auditors had no comments. Listed objects include repayment/prepayment of indebtedness (Rs. 50 Crore), funding working capital gap (Rs. 135 Crore), investment in product development (Rs. 40 Crore), and general corporate purposes (Rs. 0.16 Crore), totalling Rs. 225.16 Crore shown in the statement.
This is a neutral-to-positive compliance filing. It reassures shareholders that the company is using the IPO money as originally promised, with no misuse or redirection of funds. No immediate stock price catalyst is expected; this is a standard quarterly disclosure required under SEBI rules.