Statement of deviation or variation of funds
Price
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Awaiting price reaction for this filing.
Magenta Lifecare has confirmed to the BSE that there is no deviation or variation in how it has used the money raised from its IPO, which was conducted on 10-June-2024 and brought in Rs. 5.98 crore. The IPO proceeds were originally earmarked for working capital needs (Rs. 424 lakhs) and general corporate purposes (Rs. 174 lakhs). As of 30-September-2024, the full Rs. 424 lakhs for working capital has been utilised, while Rs. 157.86 lakhs out of Rs. 174 lakhs has been used for general corporate purposes — leaving a small unutilised balance of about Rs. 16.14 lakhs. The Audit Committee and auditors had no comments, and no monitoring agency was appointed (likely because the issue size was below the SEBI threshold).
This is a routine compliance filing and is positive from a governance standpoint — investors can be reassured that the company has stuck to the stated use of IPO funds without any diversions. The small remaining unutilised amount for general corporate purposes is normal and not a concern for shareholders.