Patel Retail Limited has informed the Exchange about statement of deviation under regulation 32 of SEBI LODR.
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Patel Retail Limited has filed a statement of deviation confirming that there is NO deviation or variation in the utilisation of funds raised through its IPO and Pre-IPO placement. The company raised Rs. 189.39 crore from its IPO (August 2025) and an additional Rs. 15 crore via Pre-IPO placement. As per the annexure, funds have been utilised as planned: Rs. 59 crore for repayment of borrowings, Rs. 115 crore for working capital requirements, and Rs. 11.21 crore for general corporate purposes. ICRA Limited has been appointed as the monitoring agency. The filing date is May 29, 2026.
Positive signal for shareholders as the company has confirmed adherence to its stated objects from the IPO proceeds without any deviation. No change in fund utilisation suggests the business is progressing as per the disclosed deployment plan in the prospectus.