Neogen Chemicals Limited has formally reported its Statement of Deviation or Variation concerning the utilization of funds raised through its Qualified Institutional Placement (QIP) issue for the quarter ended September 30, 2026. The company confirmed that there has been no deviation or variation in the utilization of these proceeds, a finding duly reviewed by its Audit Committee.
Neogen Chemicals Reports on QIP Fund Utilization
Neogen Chemicals Limited has submitted its quarterly report on the utilization of funds raised via a Qualified Institutional Placement (QIP) issue. The statement covers the period ending September 30, 2026, as mandated by SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.
Confirmation of No Deviation
In its official filing, the company explicitly confirmed that there has been no deviation or variation in the utilization of the funds raised through the QIP of equity shares. This confirmation follows a thorough review by the company’s Audit Committee, which met on October 31, 2026.
Fund Utilization Breakdown
The report details the original objects for which funds were raised, including repayment of borrowings, funding working capital, and general corporate purposes. The total amount raised was ₹600 crore. For the quarter ended September 30, 2026, the company utilized ₹230.35 crore against the allocated amounts. Specifically:
- Repayment/pre-payment of certain borrowings: Original allocation was ₹265 crore, with ₹3.57 crore utilized during the quarter.
- Funding long-term working capital requirements: Original allocation was ₹175 crore, with ₹163.07 crore utilized.
- General corporate purposes: Original allocation was ₹140 crore, with ₹63.71 crore utilized. Notably, the amount utilized for general corporate purposes did not exceed 25% of the Gross proceeds.
The statement also noted that out of the total gross proceeds of ₹600 crore, estimated funds for issue-related expenses were ₹20 crore, with ₹18.52 crore utilized during the quarter.
Disclosure Compliance
This intimation is being disseminated to the stock exchanges and will also be available on the company’s website and the websites of the National Stock Exchange of India Limited and BSE Limited.
Source: BSE
