SRM Contractors Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
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Awaiting price reaction for this filing.
SRM Contractors Limited has filed the quarterly Monitoring Agency Report from CARE Ratings covering utilisation of its Rs. 130.20 crore IPO proceeds (raised in March 2024). As of March 31, 2025, the company has utilised Rs. 88.20 crore (around 68% of the total), with Rs. 42 crore still unutilised. During Q4 FY25 alone, Rs. 13.03 crore was deployed across various objects. Borrowings repayment (Rs. 10 cr) and working capital (Rs. 46 cr) are fully utilised, while capex on equipment (Rs. 15.35 cr of Rs. 31.50 cr) and joint venture investment (Rs. 2.34 cr of Rs. 12 cr) are partly done and ongoing. Only Rs. 7.69 cr of the Rs. 23.88 cr allocated for general corporate purposes has been used, with the board resolving to deploy the remaining Rs. 16.19 cr in the current financial year. The unutilised Rs. 42 crore is parked in fixed deposits with banks like J&K Bank, ICICI, HDFC, and Yes Bank, earning 6.50% to 7.80% returns. The monitoring agency reported no deviation from stated objects and no material deviation.
This is a routine regulatory disclosure confirming IPO funds are being used in line with the offer document, with no deviation. The delay in deploying the general corporate purpose portion and the fact that a significant chunk of IPO money is still parked in FDs is mildly worth noting, but the company has board-approved plans to use those funds within the current year. Overall, no negative signal for shareholders.