Non-applicability of Statement for Deviation or Variation under Regulation 32 of the SEBI (LODR) Regulations, 2015 for the quarter ended 31st March 2025
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Awaiting price reaction for this filing.
Prabhu Steel Industries has informed the stock exchanges that the Statement of Deviation or Variation under Regulation 32 of SEBI's Listing Obligations and Disclosure Requirements is not applicable to the company for the quarter ended 31st March 2025. The company confirms that there has been no deviation or variation in the use of proceeds raised from its Initial Public Offer (IPO). All IPO funds have been utilised as originally intended, with no diversions or changes in purpose. The letter was signed by Managing Director Mr. Dinesh Agrawal and submitted to BSE and Calcutta Stock Exchange on 21st April 2025.
This is a routine compliance confirmation with no material impact on shareholders or stock price. It simply reassures investors that IPO proceeds are being used as disclosed at the time of the issue, which is mildly positive for corporate governance transparency.