Laxmi Dental Limited has informed the Exchange about General Updates
LAXMIDENTL · price
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Awaiting price reaction for this filing.
Laxmi Dental submitted the Q4 FY2025 Monitoring Agency Report prepared by ICRA Limited, covering utilization of its January 2025 IPO proceeds. Of the Rs. 138 crore being monitored, the company utilized Rs. 37.99 crore during the quarter, leaving Rs. 100.01 crore unutilized. Full deployment was completed for repayment of company borrowings (Rs. 22.98 crore) and partly done for issue expenses (Rs. 4.85 crore) and general corporate purposes (Rs. 9.41 crore). Capex on new machinery saw only Rs. 0.74 crore deployed against Rs. 43.51 crore planned, while the Rs. 25 crore investment in subsidiary Bizdent Devices is yet to be done. The unutilized Rs. 120.32 crore is parked in ICICI Bank fixed deposits (Rs. 95.08 crore) earning 3–7.30% interest, with Rs. 25.24 crore lying in the public offer account. ICRA noted no deviation from the stated objects of the issue, though some items faced 1-month delays due to limited time before fiscal year-end.
Shareholders can take comfort that there is no deviation from the stated IPO purposes, but capex and subsidiary investment deployment is lagging well behind schedule. The idle funds are earning modest interest in FDs, which partially offsets the delay. Watch progress on machinery purchases and Bizdent Devices investment in the coming quarters.