Statement of Deviation for the Half year and Year Ended on 31st March, 2025
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Kizi Apparels Ltd submitted a Statement of Deviation under SEBI LODR Regulation 32, disclosing how its IPO proceeds (totalling ₹558.18 Lakhs, raised per the prospectus dated 23 July 2024) were utilised. The funds were fully deployed across four objects: issue related expenses (₹60L), long-term working capital (₹348.68L), general corporate purposes (₹113.70L), and repayment of unsecured loans (₹35.80L). A minor deviation was noted — ₹6.30 lakh more than the originally allocated ₹29.50 lakh was used for loan repayment, with the extra amount reallocated from the general corporate purposes bucket. The statutory auditor (M/s. DGMS & Co.) confirmed the utilisation and certified that the deviation falls within the objects stated in the prospectus.
The deviation is minor (only ~1.1% of total proceeds) and is within the approved objects in the prospectus, so it is not a material concern. Full deployment of IPO funds signals the company has executed its stated capex and debt repayment plans, which is mildly positive for shareholder confidence.