Compliance Under Regulation 32(1),(3) Of SEBI(LODR) Regulation, 2015
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Oval Projects Engineering Limited has filed a compliance declaration confirming no deviation in the use of IPO proceeds. The company raised approximately Rs. 38.96 Crores through IPO of 54,99,200 equity shares allotted on September 2, 2025 and listed on September 4, 2025. Of the allocated Rs. 46.74 Crores, Rs. 38.96 Crores has been utilized as per the Red Herring Prospectus dated August 21, 2025. The utilization breakdown shows Working Capital (Rs. 29.81 Crores), General Corporate Purpose (Rs. 3.85 Crores), and Public Issue Expenses (Rs. 5.30 Crores). Approximately Rs. 7.78 Crores remains unutilized. A Chartered Accountant certificate from Kapoor Goyal & Co. confirms proper utilization of proceeds.
For shareholders, this filing provides positive confirmation that IPO funds are being deployed as promised in the offer document, with no misuse or deviation detected. The unutilized amount (Rs. 7.78 Crores) will likely be deployed towards working capital in future periods.