Pursuant to Regualtion 32 of SEBI(LODR) Regulations, 2015, statement of deviation/variation in utilization of funds raised through Intial Public Offer.
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Technopack Polymers Ltd has filed a statement confirming that there is no deviation or variation in the use of funds raised through its Initial Public Offer (IPO) conducted on November 16, 2022. The company raised Rs. 786.50 Lakhs through the IPO and has fully utilized the entire amount as per the original objects stated in the prospectus dated October 14, 2022. The funds were deployed across four objects: issue-related expenses (Rs. 50 Lakhs), part funding for purchase and setup of an additional SACMI CCM24S-F plant for HDPE beverage closures manufacturing (Rs. 638 Lakhs), additional working capital requirements (Rs. 73.50 Lakhs), and general corporate purposes (Rs. 25 Lakhs). The Audit Committee reviewed the statement on May 29, 2025 and confirmed no deviation, with auditors having no comments. No monitoring agency was applicable for this issue.
This is a routine compliance filing with a positive outcome — the company used all IPO proceeds exactly as promised to investors, with no misuse or reallocation. For shareholders, this signals good corporate governance and transparency, though it has no direct impact on stock price since full utilization of IPO funds was already expected.