Nova Agritech Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
NOVAAGRI · price
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Awaiting price reaction for this filing.
Nova Agritech has filed a quarterly compliance statement under SEBI Regulation 32 confirming there is no deviation or variation in the use of proceeds from its IPO. The company had raised ₹12 crore (₹1,200 lakhs) through the public issue in January 2024, earmarked for investment in its subsidiary Nova Agri Sciences for a new formulation plant, capital expenditure to expand its existing formulation plant, working capital needs, and general corporate purposes. The Audit Committee reviewed the statement on 9 August 2025 and confirmed that all spending aligns with the objects disclosed in the prospectus dated 28 January 2024. Any unutilized IPO money is currently parked in fixed deposits with scheduled banks. CARE Ratings is serving as the monitoring agency for the IPO proceeds.
This is a routine, clean compliance filing with no negative findings, which is a mildly reassuring signal for shareholders as it confirms disciplined use of IPO funds. Investors should view it as neutral news with no direct impact on the stock price, though it removes a minor overhang of potential governance concerns.