Pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby submit the Statement of Deviation(s) and Variation(s) in utilization ....
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Shayona Engineering Ltd has filed its quarterly deviation statement for IPO proceeds utilisation. The company raised ₹1,486.08 lakhs through an IPO listed on BSE SME platform on 30th January, 2026. Out of ₹379 lakhs earmarked for Purchase of Plant and Machinery, only ₹131.19 lakhs (35%) was utilised by March 31, 2026, leaving ₹247.81 lakhs unutilised. Of this unutilised amount, ₹105.84 lakhs was temporarily invested in fixed deposits and ₹141.97 lakhs was temporarily diverted to working capital. The company clarified this was short-term and the working capital amount was restored before financial statement approval. The Audit Committee reviewed and noted no change in objects, but advised management to deploy funds strictly per prospectus and avoid recurrence. All other allocations (loan repayment, working capital, corporate purpose, offer expenses) were utilised as planned.
The temporary diversion of ₹141.97 lakhs to working capital is a minor compliance issue but not alarming, as funds were restored and the company has not changed its stated objects. However, slow utilisation of plant and machinery funds may raise questions about capital deployment efficiency.