Laxmi Organic Industries Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
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Laxmi Organic Industries has filed a quarterly update for the period ended March 31, 2025, confirming that the Rs. 2,591.21 million it raised through a Qualified Institutional Placement (QIP) in October 2023 has been used exactly as planned, with no deviation from the stated objectives. The funds were earmarked for setting up a new innovation centre at Mahape MIDC (Rs. 360.01 Mn), a new manufacturing facility at Dahej, Gujarat (Rs. 1,619.66 Mn), general corporate purposes (Rs. 506.05 Mn), and offer-related expenses (Rs. 105.49 Mn). A small saving of Rs. 5.08 Mn in issue expenses was redirected to the general corporate purposes bucket, raising it from Rs. 500.97 Mn to Rs. 506.05 Mn. India Ratings & Research (Fitch Group) is the monitoring agency for this QIP, and the auditors had no adverse comments.
This is a routine compliance filing with no negative implications. The fact that there is no deviation in how QIP proceeds were used is a positive governance signal, showing the company is sticking to its disclosed capex and growth plans (innovation centre and new Dahej manufacturing facility). Shareholders need not worry about misuse of raised funds.