NIL DEVIATION / VARIATION IN IPO PROCEEDS
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Awaiting price reaction for this filing.
Popular Foundations Limited has confirmed to the BSE that there is no deviation or variation in the use of its IPO proceeds for the half year ended 31 March 2025. The company had raised Rs. 1,986.90 lakhs through its IPO allotted on 20 September 2024, and has utilised Rs. 1,983.18 lakhs so far, leaving only Rs. 3.72 lakhs unutilised (held in an escrow account, proposed to be used after September 2025). The funds were deployed as planned: Rs. 494 lakhs for repayment of borrowings (fully used), Rs. 1,182.28 lakhs out of Rs. 1,186 lakhs for working capital, Rs. 108.21 lakhs for general corporate purposes, and Rs. 198.69 lakhs for issue expenses. The statement was reviewed by the Audit Committee and Board on 26 May 2025, and certified by statutory auditors Krishaan & Co. No monitoring agency was required for the issue.
This is a routine regulatory compliance filing that reassures shareholders that IPO funds are being used in line with the stated objects, with near-complete (99.8%) deployment. Minimal stock price impact is expected, as the report simply confirms disciplined use of raised capital.