Statement of deviation for the half year ended 31st March, 2026
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Vashishtha Luxury Fashion Limited has filed a statement confirming no deviation or variation in the utilization of IPO proceeds for the half year and year ended 31st March 2026. The company raised Rs. 887.11 lakhs through its IPO on 11th September 2025. Of the allocated funds, Rs. 269.46 lakhs was fully used for repayment of outstanding borrowings and Rs. 121.75 lakhs for issue expenses. Capital expenditure towards embroidery machine purchase saw only Rs. 32.97 lakhs utilized, indicating the expansion project is still in early stages. General corporate purposes received Rs. 145.48 lakhs. The Audit Committee reviewed and confirmed no deviation, with the board taking this on record on 29th May 2026.
The clean bill of health from the Audit Committee and confirmation of no deviation is positive for shareholders, indicating proper deployment of IPO funds as disclosed in the offer document. The low capital expenditure utilization suggests the embroidery machine expansion project is progressing gradually.