Statement of Deviation or Variation for the Quarter Ended March 31, 2026.
MIDWESTLTD · price
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Midwest Ltd has filed a NIL statement of deviation or variation for Q4 FY2026 (quarter ended March 31, 2026), confirming that IPO proceeds of Rs 2,500 million raised on October 20, 2025 are being utilized as per the disclosed objects. The company raised this amount through a Public Issue with CRISIL Rating Limited as the monitoring agency. A minor reallocation was noted: Rs 50.16 million from offer-related expenses (which came in lower than estimated) was added to General Corporate Purposes, increasing it from Rs 90.77 million to Rs 140.93 million. The largest allocation is Rs 1,302.98 million for investment in subsidiary Midwest Neostone (towards Phase II Quartz Processing Plant), followed by Rs 562.23 million for debt prepayment and Rs 257.55 million for electric dump trucks. All utilizations align with the disclosed purposes.
This is a positive regulatory compliance filing showing proper use of IPO funds with no deviations. The minor reallocation from issue expenses to GCP is within permitted limits (GCP at Rs 140.93 million is under 25% of net proceeds). Shareholders can take comfort that the company is adhering to its stated utilization objectives.