Statement of Deviation for the Quarter Ended 30 September,2024
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Kizi Apparels Ltd has filed a statement showing how it used the money raised through its IPO for the half year ended 30 September 2024. Out of the total projected IPO proceeds of ₹558.18 lakh, the company has utilized ₹508.25 lakh, leaving an unutilized bank balance of ₹49.93 lakh. The funds were deployed across four heads: issue expenses (₹55.53 lakh used out of ₹60 lakh projected), repayment of unsecured loans (₹29.50 lakh fully used), long-term working capital (₹348.68 lakh fully used), and general corporate purposes (₹74.54 lakh used out of ₹120 lakh projected). An additional ₹6.30 lakh was used to repay unsecured loans over the planned amount, which was funded from the general corporate purpose allocation. The chartered accountants have certified that there are no deviations from the objects stated in the offer document.
The company has utilized approximately 91% of its IPO proceeds in line with stated objectives, with no material deviations reported. The remaining ₹49.93 lakh parked as unutilized balance suggests deployment is still ongoing, which is generally a neutral-to-positive signal indicating disciplined fund usage as per the disclosed plan.