PNGS Reva Diamond Jewellery Limited has informed the Exchange about General Updates
PNGSREVA · price
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PNGS Reva Diamond Jewellery Limited has clarified to the exchanges that a small amount of Rs. 12,352 from its IPO proceeds was delayed due to a hold placed by HDFC Bank following a complaint from the Ministry of Home Affairs (MHA) regarding an IPO allottee. The company states the amount was released on April 9, 2026. As of March 31, 2026, the company had utilized Rs. 39.69 crore out of its total IPO proceeds of Rs. 379.51 crore (raised in September 2023). The company emphasizes that the delay did not affect project implementation or overall company performance, and funds are being utilized per the prospectus schedule. This disclosure responds to a news article circulating on social media about delayed IPO funds.
This clarification addresses investor concerns about slow IPO fund deployment and regulatory scrutiny. While only a small amount was technically delayed, the company has used just 10.5% of IPO proceeds nearly 3 years after listing, which may raise execution concerns for investors.