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Awaiting price reaction for this filing.
Srigee DLM Limited, which raised funds through an IPO in May 2025 (gross ₹5,174.82 lakhs, net proceeds ₹1,697.65 lakhs), has filed a statement on fund utilization for the half year ended September 30, 2025. Of the net proceeds, only ₹308.97 lakhs (~18%) has been utilized, leaving ₹1,388.68 lakhs (~82%) unutilized. While the company officially reports 'No' deviation, the auditor flagged two key issues: ₹542.78 lakhs earmarked for a new manufacturing facility at R11A, Greater Noida has not been used at all and remains parked in Fixed Deposits, and ₹118 lakhs meant for machinery at the new plant was instead used to buy equipment for the company's existing plant. General Corporate Purpose (₹49.85 lakhs) and most IPO expenses (₹141.12 of ₹154.02 lakhs) have been deployed as planned.
This is a negative governance signal for shareholders — the company used IPO funds for purposes not matching the prospectus, which could invite SEBI scrutiny and erode retail investor confidence. With over 80% of net IPO proceeds still unutilized and parked in FDs, near-term stock sentiment may weaken, and shareholders should watch for further clarification on timelines for deploying these funds into the stated capex plans.