Pursuant to Regulation 32 of SEBI (LODR) Regulations, 2015 we here by submit the Statement for Vairation and Deviation for the period ended 31st March 2025
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Awaiting price reaction for this filing.
Nexxus Petro Industries filed a regulatory statement showing how it used the money raised through its Initial Public Offer (IPO) for the half year ended 31 March 2025. The company raised Rs. 19.42 crores via a fresh issue between 26 September and 1 October 2024. Of the total, Rs. 16 crore was allocated for working capital needs and has been fully utilized, while Rs. 1.94 crore for issue expenses was also fully spent. For general corporate purposes, Rs. 1.48 crore was allocated, of which Rs. 1.44 crore has been used, leaving a small unutilized balance of Rs. 4.34 lakhs. The company confirmed there is no deviation or variation from the original objects stated in the IPO prospectus. The Audit Committee reviewed the statement and the Board took it on record at their meeting held on 29 May 2025.
This is a routine SEBI compliance filing confirming IPO funds are being used as originally promised to shareholders. No deviation or misuse of funds is a positive governance signal, though the stock price impact is likely minimal as it is a standard disclosure.