Dear Sir/Madam Pursuant to the Regulation 32(1) of the SEBI (LODR) Regulations, 2015 we have enclosed statement of the statement of Deviation(s) or Variation(s) half year ended 31st ....
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Shri Venkatesh Refineries Limited has filed a regulatory statement confirming the use of proceeds from its Initial Public Offer (IPO) for the half year ended March 31, 2025. The company raised Rs. 1,171.20 lakhs through a fresh issue of 29,28,000 equity shares at Rs. 40 per share (including a Rs. 30 premium). All IPO funds have been fully utilized as planned: Rs. 878.40 lakhs for working capital, Rs. 163.20 lakhs for general corporate purposes, and Rs. 129.60 lakhs for issue expenses. A minor internal reallocation of Rs. 16.77 lakhs from issue expenses surplus to general corporate purposes was made, which is permitted under the prospectus. The company confirms there is no deviation or variation from the originally stated objects of the issue. The statement was reviewed by the Audit Committee at its meeting held on May 30, 2025.
This is a routine compliance filing with no negative implications. The full and on-purpose utilization of IPO proceeds without deviation is a positive signal for shareholders, indicating disciplined capital deployment as promised at the time of the issue.