Poly Medicure Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
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Poly Medicure filed its quarterly Reg. 32 statement confirming NO deviation or variation in the use of proceeds from its August 2024 Qualified Institutions Placement (QIP), which raised approximately Rs. 1,00,000 lakh (Rs. 1,000 crore) through the issuance of 53.19 lakh equity shares at Rs. 1,880 per share. The Audit Committee reviewed fund utilization on May 6, 2025, with CRISIL Ratings acting as the monitoring agency. Of the Rs. 98,534.37 lakh net proceeds (after issue expenses of Rs. 1,465.61 lakh), Rs. 9,973.16 lakh allocated for capex on new manufacturing facilities has been fully utilized, Rs. 10,740.11 lakh out of Rs. 23,534.37 lakh for general corporate purposes has been used, and the Rs. 6,026.84 lakh earmarked for inorganic initiatives (acquisitions) remains unutilized. Issue expenses came in lower than estimated, with the small surplus added to the GCP allocation.
No deviation is a positive compliance signal that builds investor confidence in fund governance. However, roughly Rs. 87,794 lakh (~88% of net proceeds) remains unutilized, with the inorganic growth allocation untouched, so shareholders should watch for upcoming acquisition announcements that could be a meaningful catalyst.