Statement of deviation or variation for the year ended 31st March 2025 pursuant to Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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Super Iron Foundry Ltd raised Rs. 68.05 crore through its IPO on 19 March 2025 and has filed a statement on how the money was used. Issue expenses came in 19% higher than estimated at Rs. 9.31 crore vs the original Rs. 7.81 crore, an overrun of Rs. 1.50 crore. Repayment of borrowings exceeded the original Rs. 16 crore allocation by Rs. 72.5 lakh, with actual repayment of Rs. 16.72 crore. To compensate, general corporate purposes spending was reduced from Rs. 15.24 crore to Rs. 13.01 crore. Working capital utilisation stood at Rs. 18.21 crore against the Rs. 29 crore target, with Rs. 10.79 crore still pending deployment. The Audit Committee reviewed the deviations and termed them as being in the normal course of business.
Deviations are procedural reallocations rather than misuse of funds, and the Audit Committee has accepted them. Retail investors should note the higher-than-expected issue expenses (Rs. 1.5 crore overrun) but overall deployment remains within the IPO objectives. Remaining working capital funds of Rs. 10.79 crore are yet to be utilised.