Kalpataru Projects International Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
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Kalpataru Projects International Limited has filed a quarterly statement confirming there is no deviation or variation in the use of funds raised through its Qualified Institutions Placement (QIP). The QIP was allotted on 16th December 2024, raising Rs. 999.99 crores gross (net proceeds of Rs. 982.11 crores). For the quarter ended 31st March 2025, the company has fully utilized the proceeds as per the original plan: Rs. 750 crores for repayment/pre-payment of borrowings, Rs. 232.11 crores for general corporate purposes, and Rs. 17.89 crores towards issue-related expenses. CRISIL Ratings Limited served as the monitoring agency, and both the Audit Committee and auditors have raised no comments on the fund usage.
This is a routine compliance filing that signals good governance and disciplined use of capital raised from institutional investors. The full deployment of QIP proceeds as originally intended — including significant debt reduction — is mildly positive for shareholders, as it suggests improved capital structure and no misuse of funds, with no negative implications for the stock.