KRN Heat Exchanger and Refrigeration Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
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KRN Heat Exchanger and Refrigeration Limited has filed a compliance statement confirming there is NO deviation or variation in the utilisation of IPO funds. The company raised INR 341.94 Crore through its IPO on October 3, 2024. The funds have been deployed across three stated objects: (1) Investment of INR 233.04 Crore in wholly-owned subsidiary KRN HVAC Products Private Limited for a new manufacturing facility at Neemrana, Rajasthan (out of INR 235.76 Crore allocated), (2) General Corporate Purposes of INR 75.36 Crore fully utilised, and (3) Issue expenses of INR 30.07 Crore (out of INR 30.83 Crore allocated). The statement has been reviewed by the Audit Committee and monitored by CRISIL Ratings Limited.
This is a positive confirmation for shareholders indicating the company is using IPO proceeds as committed in the offer document. The minor unutilised amounts in two categories are well within normal variance and do not constitute material deviation.