Statement on Deviation/Variation for proceeds of public issue for the half year ended 31/03/2025.
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Awaiting price reaction for this filing.
Shanmuga Hospital Ltd has confirmed that there is no deviation or variation in the use of IPO proceeds for the half year ended 31 March 2025. The company raised Rs. 2,061.72 lakhs through a public issue allotted on 18 February 2025. Of this, Rs. 946.22 lakhs has been utilised so far: Rs. 225.94 lakhs on issue-related expenses and Rs. 383.28 lakhs for general corporate purposes are fully spent, while only Rs. 337 lakhs out of the Rs. 1,452.50 lakhs earmarked for capital expenditure has been used. The remaining Rs. 1,115.50 lakhs is parked in fixed deposits and is proposed to be utilised by the end of May 2025. The statement was reviewed by the Audit Committee and Board on 28 May 2025 and certified by chartered accountants PP N and Company.
Good news for shareholders — no misuse or diversion of IPO funds has been reported and the filing is fully compliant with SEBI disclosure norms. However, investors should note that over half the capital expenditure budget is still unutilised, meaning planned hospital capacity expansion is lagging and needs to be deployed within May 2025 to stay on track.