Statement on Deviation or Variation of funds under Regulation 32 of SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015
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Srigee DLM Limited has filed a disclosure regarding utilization of IPO proceeds of Rs. 1,697.65 Lakhs raised in May 2025. The company reports a deviation in fund utilization due to a shareholder-approved change in location of the proposed manufacturing facility from Plot No. 15, Ecotech-X to Plot No R 11A, Integrated Industrial Township, both in Greater Noida. As of March 31, 2026, only Rs. 665.52 Lakhs (39%) has been utilized, with Rs. 1,032.13 Lakhs still unutilized and parked in bank fixed deposits. Notably, out of Rs. 951 Lakhs allocated for machinery acquisition, only Rs. 118 Lakhs was spent, and the auditor confirmed this machinery was installed at the EXISTING plant rather than the proposed new manufacturing facility. This represents a significant departure from the stated objects in the prospectus.
This filing reveals that over 60% of IPO proceeds remain unused 10 months after listing, and funds meant for the proposed new manufacturing plant were partially diverted to the existing facility without proper disclosure. This could raise concerns about the company's execution capabilities and may attract regulatory scrutiny regarding fund utilization compliance.