SRM Contractors Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
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CARE Ratings Limited, the Monitoring Agency for SRM Contractors' IPO of Rs. 130.20 crore (March 2024), has submitted its final monitoring report for Q4FY26. All IPO proceeds have been fully utilized with no deviations from the stated objects. The company reallocated Rs. 13.01 crore from capital expenditure (equipment/machinery) to investments in joint ventures, associates, and subsidiaries, with shareholder approval obtained in September 2025. In Q4FY26, Rs. 16.19 crore from General Corporate Purpose funds was deployed towards the SRM Rajinder Project joint venture per a Board resolution dated March 2, 2026. No major deviations were observed over the monitoring period.
The final monitoring report confirms complete and compliant utilization of IPO proceeds, though the reallocation of funds from capex to JV investments represents a notable shift in deployment strategy. This is a routine compliance filing with no immediate negative implications for shareholders.