Company has submitted to exchange statement of deviation and Variation for the year ended on March 31, 2025.
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Awaiting price reaction for this filing.
Trident Lifeline Limited has submitted a statement confirming there is no deviation or variation in the use of funds raised through its IPO (allotment date October 4, 2022). The company raised Rs. 35.34 crore and has utilized Rs. 30.27 crore so far, leaving Rs. 5.07 crore pending. Of the four IPO objects, public issue expense (Rs. 3 crore) is fully utilized, general corporate purpose (Rs. 6.71 crore) is 99.99% utilized, and working capital (Rs. 20.5 crore allocated) is 97.8% utilized with Rs. 44.94 lakh pending. However, only Rs. 51.55 lakh out of the Rs. 5.14 crore allocated for Product Registration in international markets has been used, leaving Rs. 4.62 crore (about 90%) still unspent. The auditor (A Bafna & Associates) has certified that funds were used solely for the purposes stated in the prospectus.
This is a routine compliance filing confirming IPO proceeds are being used as originally disclosed, with no deviation. However, the very slow utilization (only ~10%) of funds earmarked for international product registration may concern investors about execution timelines for the company's global expansion plans.