IEL Limited has submitted its statement on the deviation or variation in the use of proceeds raised under Regulation 32(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. For the quarter ended June 30, 2026, the company reported that there was no deviation in the utilization of funds from the objects stated in the Letter of Offer dated January 17, 2025. The statement was reviewed by the Audit Committee.
Statement on Fund Utilization
IEL Limited has officially declared that there has been no deviation or variation in the utilization of funds raised from its operations. This disclosure pertains to the financial quarter ending June 30, 2026, and aligns with the requirements of Regulation 32(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Audit Committee Review
The statement confirms that the use of proceeds from the fundraising activities has been in strict adherence to the objects originally outlined in the company’s Letter of Offer, dated January 17, 2025. This declaration was reviewed and approved by the company’s Audit Committee during their meeting held on Monday, August 10, 2026.
Detailed Breakdown of Fund Allocation
The detailed review of fund allocation indicates the following:
Object: To acquire land for construction of warehouses
- Original Allocation: 977 Lakhs
- Funds Utilised: 977 Lakhs
- Deviation/Variation: 0
Object: To finance construction of the warehouses
- Original Allocation: 2414.31 Lakhs
- Funds Utilised: 0
- Deviation/Variation: 0
Object: To meet General Corporate Purpose
- Original Allocation: 925.91 Lakhs
- Funds Utilised: 925.91 Lakhs
- Deviation/Variation: 0
The total funds raised amounted to 4317.22 Lakhs, with 1902.91 Lakhs utilized during the quarter, leaving an unutilized amount of 2414.31 Lakhs. The auditors, Maark & Associates, have confirmed in their certificate that there has been no deviation or variation in the utilization of issue proceeds, except as mentioned.
Source: BSE
