Statement of Deviation(s) or Variations(s) under Regulation 32 of SEBI (LODR) Regulations, 2015 for the quarter ended March 31, 2026 pertaning to Initial Public Offer of Equity shares.
PNGSREVA · price
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PNGS Reva Diamond Jewellery Limited, which completed its IPO in February 2026 raising Rs. 37,951.52 lakh (approximately Rs. 379.5 crore), has filed its first quarterly utilisation report for Q4 FY2026 ending March 31, 2026. The company states there is a deviation or variation in fund utilisation. However, the filing uses placeholder values (NA) for both original and modified allocations and for the amount utilised, making it impossible to assess the actual scale or nature of the deviation. The monitoring agency CARE Ratings Limited has been appointed. The Audit Committee reviewed the report and gave nil comments, and no auditor comments were provided. Funds are earmarked for setting up 15 new brand-exclusive Reva stores across India and related marketing and promotional expenses.
The use of NA placeholders in a deviation report raises concerns about transparency and may draw regulatory scrutiny. Shareholders and investors should seek clarification on the actual fund utilisation and the nature of the reported deviation, as the IPO was only completed in February 2026.