Midwest Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
MIDWESTLTD · price
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Midwest Limited has filed its quarterly statement confirming that there are no deviations or variations in the use of proceeds from its Initial Public Offer, which was held on October 20, 2025. The company raised ₹2,500 million (excluding the Offer for Sale portion of ₹2,010 million), and the funds are being used as originally planned. Key allocations include ₹1,302.98 million for funding the Phase II Quartz Processing Plant through its subsidiary Midwest Neostone, ₹257.55 million for Electric Dump Trucks, ₹562.23 million for pre-payment of borrowings (of which ₹543.28 million has already been utilized), ₹90.77 million for general corporate purposes (₹74.57 million utilized), and ₹253.91 million for issue-related expenses (₹174.35 million utilized). The Audit Committee reviewed and approved the statement on February 12, 2026, with CRISIL Ratings serving as the monitoring agency.
This is a routine, positive compliance filing that reassures shareholders that IPO funds are being deployed as promised in the prospectus, with no misuse or unplanned diversions, supporting management credibility.