Statement of Deviation or Variation of funds
Price
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Awaiting price reaction for this filing.
Magenta Lifecare Ltd has submitted a revised statement confirming there is no deviation or variation in the use of proceeds from its Initial Public Offer (IPO) for the half-year and year ended 31st March 2025. The company had raised Rs. 5.98 crore through a public issue on 10 June 2024. Of this, Rs. 424 lakhs allocated for incremental working capital requirements has been fully utilized, while Rs. 157.86 lakhs out of the Rs. 174 lakhs earmarked for general corporate purposes has been deployed so far. No monitoring agency was appointed, and the Audit Committee and auditors had no comments or qualifications on the fund usage.
The filing is largely procedural and reassures shareholders that IPO funds are being used as disclosed in the prospectus, with no misuse or deviation. The small unutilized balance (~Rs. 16 lakhs) under general corporate purposes is minor and not flagged as a concern, so the stock price is unlikely to be materially impacted.