Revised Statement on deviation or variation of funds
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Awaiting price reaction for this filing.
Srigee DLM Limited has filed a revised statement to correct a clerical mistake in its earlier disclosure on the use of IPO funds. The company raised Rs. 1,697.65 lakhs through its IPO in May 2025 and listed on BSE's SME platform on May 12, 2025. As of September 30, 2025, only Rs. 308.97 lakhs has been utilised, while Rs. 1,388.68 lakhs remains unutilised and parked in fixed deposits. There is a confirmed deviation in fund use: the manufacturing facility location was changed from Plot No. 15, Ecotech-X to Plot R 11A, Integrated Industrial Township, Greater Noida, with shareholder approval on September 30, 2025. Additionally, Rs. 118 lakhs earmarked for machinery at the new plant was instead used to buy machinery for the existing plant.
Shareholders have already approved the change in manufacturing location, so the main deviation is procedurally cleared. However, the slow utilisation of IPO proceeds (only ~18% in nearly 5 months) and the diversion of machinery funds to the existing plant may raise concerns about execution delays and may weigh on the stock until the new facility is operational.