SRM Contractors Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
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SRM Contractors Limited has submitted the Monitoring Agency Report for the quarter ended June 30, 2025, prepared by CARE Ratings Limited, tracking the use of its Rs. 130.20 crore IPO proceeds raised in March 2024. No deviation from the objects stated in the offer document was reported. Of the total Rs. 130.20 crore, Rs. 91.26 crore has been utilized so far, with Rs. 38.94 crore remaining unutilized. During Q1FY26, only Rs. 3.06 crore was deployed, entirely toward purchase of equipment and machinery. Issue expenses (Rs. 6.82 cr), working capital funding (Rs. 46 cr), and repayment of secured borrowings (Rs. 10 cr) are fully completed. Funding for joint venture (Rs. 9.66 cr remaining) and general corporate purposes (Rs. 16.19 cr remaining) saw no spending this quarter, with GCP showing a delay. Unutilized funds are parked in fixed deposits with HDFC Bank and Yes Bank earning 4.50%–7.50% returns.
This is a routine compliance filing showing broadly on-track IPO fund usage with no deviations. The delay in deploying general corporate purpose and joint venture funds is worth noting, though the company has indicated the balance will be used in the current financial year. No negative implications for shareholders at this stage.