Please find enclosed herewith statement of deviation and variation for the year ended 31st March, 2025
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Organic Recycling Systems Limited has submitted its annual statement on the use of funds raised through its October 2023 IPO. The company raised gross proceeds of Rs. 5,000.40 lakhs, with issue expenses of Rs. 202 lakhs, resulting in net proceeds of Rs. 4,798.40 lakhs. Of this, Rs. 3,750.40 lakhs was earmarked for reducing outstanding borrowings and Rs. 1,048 lakhs for general corporate purposes. The company reports that the entire Rs. 4,798.40 lakhs has been fully utilised as per the original objects stated in the prospectus. The Audit Committee reviewed and approved the statement, noting there is no deviation or variation in the use of funds. The auditors have also not raised any comments on the matter.
This is a neutral-to-positive disclosure for shareholders, as it confirms that the company used its IPO proceeds exactly as promised to investors, with no diversion of funds. It reflects good corporate governance and compliance, though it carries no direct impact on the stock price since this is a routine regulatory filing.