Poly Medicure Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
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Poly Medicure has filed its quarterly statement under SEBI Regulation 32 confirming there is no deviation or variation in the use of funds raised through its Qualified Institutions Placement (QIP) in August 2024. The company had raised about Rs 1,000 crore by issuing 53.19 lakh equity shares at Rs 1,880 per share to qualified institutional buyers. After issue expenses of Rs 14.66 crore, net proceeds of Rs 985.34 crore were allocated across three objects: Rs 499.73 crore for capital expenditure on new manufacturing facilities, Rs 250.27 crore for inorganic initiatives, and Rs 235.34 crore for general corporate purposes. As of December 31, 2025, Rs 474.31 crore (about 48% of net proceeds) has been utilized. The Audit Committee reviewed this on February 5, 2026, with CRISIL Ratings acting as the monitoring agency.
This is a routine compliance disclosure with no negative flag for shareholders, as the company confirms QIP funds are being used as originally disclosed. However, the very low utilization of the capex allocation (only ~7% deployed after 16 months) suggests a slow pace of manufacturing expansion, which investors may want to track for potential delays in growth plans.