Statement of Deviation(s) or variation(s) for the quarter ended September 30, 2025 under Regulation 32 of SEBI (LODR) Regulation, 2015
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Marc Loire Fashions has filed a compliance statement confirming there is no deviation or variation in the use of IPO funds raised through its SME public issue on BSE. The company raised Rs. 2,100 lakhs in gross proceeds (Rs. 1,875.50 lakhs net after issue expenses) by allotting 21 lakh equity shares at Rs. 100 each, and got listed on July 7, 2025. As of September 30, 2025, only about Rs. 821.69 lakhs (roughly 39%) has been deployed, while Rs. 1,278.31 lakhs remains unutilized. Key spending so far has been on issue expenses (fully used at Rs. 224.50 lakhs), working capital (Rs. 413.95 lakhs), retail expansion for 15 new Exclusive Brand Outlets (Rs. 119.58 lakhs), general corporate purposes (Rs. 57.65 lakhs), and multi-purpose racks (Rs. 6 lakhs). The unutilized amount is parked in an escrow account at Kotak Bank (Rs. 0.52 lakhs) and a balance account at Canara Bank (Rs. 1,277.79 lakhs). The audit committee reviewed the statement with no comments, and statutory auditors SPMG & Co. certified the utilization details as true and correct.
Good news for shareholders — the company is using IPO money strictly as promised in the prospectus, with auditor and audit committee both giving a clean report, which signals strong governance. However, investors should note that nearly 61% of the IPO proceeds are still sitting in the bank, so future quarterly updates will need to show steady deployment toward retail expansion and working capital to justify the growth story.