Statement on Deviation/Variation for proceeds of public issue for the half year ended 31/03/2025
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Awaiting price reaction for this filing.
Indobell Insulations has filed a statement confirming that there is no deviation or variation in the use of funds raised through its IPO, which was allotted on 9 January 2025. The company raised a total of Rs. 1,014.30 lakhs (about Rs. 10.14 crore), of which Rs. 973.30 lakhs has already been utilized. Working capital requirements (Rs. 775.80 lakhs), general corporate expenses (Rs. 70 lakhs), and public issue expenses (Rs. 127.50 lakhs) have been fully deployed. The remaining Rs. 41 lakhs earmarked for purchasing additional plant and machinery has been kept in earmarked bank fixed deposits and will be used when the equipment is purchased. The statutory auditors (Bandyopadhyay & Dutt) have certified the utilization as matching the objects stated in the prospectus dated 30 December 2024.
This is a routine compliance filing confirming that the company is using IPO money as promised to investors, with no misuse or change of purpose. The unutilized Rs. 41 lakhs for plant and machinery is parked safely in fixed deposits, so there is no negative impact on shareholders. No material effect on stock price is expected.