Statement of Deviation duly reviewed by Audit Committee for the half year ended on September 30, 2025 certified by M/s S H Dama & Associates, Statutory Auditors is enclosed
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Shreenath Paper Products has filed a Statement of Deviation covering utilization of funds raised through its Initial Public Offer (Offer Letter dated February 17, 2025) for the half year ended September 30, 2025. Total IPO proceeds of Rs. 2,336.40 Lakhs were allocated across three purposes: Working Capital Requirements (Rs. 1,800.00 Lakhs), General Corporate Purpose (Rs. 287.16 Lakhs), and IPO Expenses (Rs. 249.24 Lakhs). The company has utilized Rs. 2,335.00 Lakhs, leaving only Rs. 1.40 Lakhs unutilized, which remains parked in the Escrow Public Issue Account. The statement was reviewed by the Audit Committee on November 14, 2025, and certified by the statutory auditors, M/s S H Dama & Associates.
This is a routine regulatory compliance filing with no negative implications — the company has effectively used nearly 100% of its IPO proceeds as planned, with only Rs. 1.40 Lakhs (0.06%) unutilized and held in escrow. Shareholders can take comfort that the funds raised have been deployed in line with the stated objectives disclosed at the time of the IPO.