KRN Heat Exchanger and Refrigeration Limited has confirmed that there has been no deviation or variation in the utilization of funds raised through its Initial Public Offer (IPO). The statement, reviewed by the company’s Audit Committee for the quarter ending June 30, 2026, indicates that all funds were utilized exactly as disclosed in the IPO prospectus. This provides financial transparency and reassures investors regarding the company’s fund management practices.
IPO Fund Utilization Confirmed
KRN Heat Exchanger and Refrigeration Limited has officially stated that there has been no deviation or variation in the use of funds raised through its Initial Public Offer (IPO). This confirmation is part of the company’s regulatory filings and aims to provide transparency to its stakeholders regarding the deployment of capital.
Audit Committee Review
The Statement of Deviation/Variation in the utilization of funds has been duly reviewed by the Audit Committee of KRN Heat Exchanger and Refrigeration Limited. This review pertains to the quarter that concluded on June 30, 2026. The findings of this review are enclosed with the company’s submission to the stock exchanges.
No Deviation Reported
For the quarter ended June 30, 2026, the company reported NO deviation or variation in the use of the funds raised. Specifically, the original objects for which funds were raised, including investment in a wholly owned subsidiary for a manufacturing facility, general corporate purposes, and issue-related expenses, have seen their utilized amounts match the original allocations. The total amount raised was INR 341.94 Crore, with the funds raised on October 03, 2024.
Source: BSE
