Pursuant to regulation 32 of SEBI (LODR) Regulations, 2015, we submit that there is no deviation or variation in the utilization of proceeds from the issue during the quarter 31 March 2021. ....
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Western Overseas Study Abroad Ltd has filed a statement confirming no deviation or variation in the utilization of IPO proceeds for Q4 FY26. The company raised Rs. 10.07 crore through its IPO (17,98,000 equity shares at Rs. 56) in December 2025. During the quarter ended 31 March 2026, Rs. 2.37 crore was utilized out of Rs. 7.03 crore available, leaving Rs. 4.66 crore unutilized. Funds were deployed for: Advertisement Expenses (Rs. 1.41 crore), General Corporate Purpose (Rs. 61.33 lakhs), ERP Software (Rs. 21.06 lakhs), and Issue Expenses (Rs. 2.06 lakhs). The monitoring agency (Brickwork Ratings) and auditors (KVMS and Company) have confirmed utilization is in line with the offer document objects. A minor issue was noted where GST of Rs. 11.39 lakhs was inadvertently funded from IPO proceeds instead of internal accruals — the company has committed to reimburse this amount in subsequent quarters.
IPO proceeds are being deployed as per disclosed objects with no material deviation. The minor GST funding error is being corrected, posing no significant shareholder concern. The large unutilized balance (Rs. 4.66 crore) indicates ongoing deployment across FY27 timelines for advertisement and software acquisition.