Pursuant to Regulation 262(5) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 ('SEBI ICDR Regulations'), please find enclosed herewith the certificate issued ....
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Shayona Engineering Limited has submitted its statutory auditor certificate confirming utilisation of IPO proceeds raised through a public issue of 10,32,000 equity shares. The IPO, which raised Rs 14.86 crore (Rs 1,486.08 Lakhs), was listed on BSE SME platform on January 30, 2026. The filing reveals a temporary category-wise variation: Rs 247.81 Lakhs earmarked for plant and machinery purchase remained unutilized as of March 31, 2026. Of this unutilized amount, Rs 105.84 Lakhs was temporarily invested in fixed deposits while Rs 141.97 Lakhs was diverted for interim working capital requirements. The management states these were short-term temporary deployments and the full amount was subsequently made available before financial statement approval.
While the auditor confirms no material non-compliance with fund utilization norms, the temporary reallocation of Rs 141.97 Lakhs from plant and machinery to working capital represents a deviation from stated objects. This may raise concerns among investors about deployment timelines and project execution readiness. The Rs 247.81 Lakhs still unutilized for machinery purchase warrants monitoring.