Laxmi Organic Industries Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
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Awaiting price reaction for this filing.
Laxmi Organic Industries has filed its quarterly statement confirming that there has been no deviation or variation in the use of its IPO proceeds from the original objects stated in the 2021 prospectus. The company had raised Rs. 4,843.78 million (net proceeds) through its IPO in March 2021, including a Pre-IPO portion. The original allocation covered capex in subsidiary YFCPL (Rs. 604.04 Mn), working capital for YFCPL (Rs. 377.41 Mn), SI manufacturing facility expansion (Rs. 910.63 Mn), working capital (Rs. 351.78 Mn), plant and machinery (Rs. 125.65 Mn), loan repayment (Rs. 1,729.25 Mn), general corporate purposes (Rs. 745.02 Mn), and offer expenses (Rs. 156.22 Mn). Axis Bank is acting as the monitoring agency and has not raised any concerns. A minor reallocation of Rs. 63.94 million (from lower actual loan repayment) was shifted to general corporate purposes, keeping it within the 25% cap.
This is a routine compliance filing and a positive signal for shareholders, as it confirms proper and disciplined use of IPO funds with no material diversion. It is unlikely to have any direct impact on the stock price, but reinforces management's adherence to disclosed plans.