Deviation and Variation of funds under Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
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Nilachal Carbo Metalicks Limited filed its half-year/year-end utilization report for Rs. 22.10 crore raised via IPO in September 2025. As of March 31, 2026, the company utilized Rs. 11.55 crore (52%) of IPO proceeds. Rs. 7.62 crore remains unutilized for the Coke Oven Plant expansion, while Rs. 4.20 crore lies in the designated IPO account. The key finding is a deviation where Rs. 3.42 crore was temporarily deployed for working capital requirements related to executing purchase orders from RINL, which was not part of the original stated objects in the prospectus. The auditor confirmed this deviation and noted it was commercially expedient and operationally necessary.
The partial deviation of IPO funds toward working capital (15.5% of total proceeds) indicates some reallocation risk for shareholders, though the company has disclosed and justified it as necessary for business operations. The significant unutilized balance and ongoing expansion project warrant monitoring of deployment timelines.