Kasturi Metal Composite Limited has submitted its Statement of Deviation or Variation in the utilization of funds raised through its Initial Public Offering (IPO). For the half-year ended September 30, 2026, the company reported that funds raised were utilized as per the objects stated in the prospectus. No significant deviations or variations requiring shareholder approval were noted during this period.
Kasturi Metal Composite Limited Discloses IPO Fund Utilization
Kasturi Metal Composite Limited has officially submitted its Statement of Deviation or Variation concerning the utilization of funds raised from its Initial Public Offering (IPO). This report covers the financial period of the half-year ending September 30, 2026.
As per the disclosure, the company has confirmed that the funds raised through the IPO are being utilized in accordance with the objectives previously outlined in the company’s prospectus. The Audit Committee reviewed this statement at its meeting held on November 03, 2026, noting that the utilization aligns with the stated purposes.
Key Financial Data and Utilization Details
The total amount raised through the IPO was ₹1761.28 Lakhs. For the reporting quarter, the allocated funds for ‘Capital Expenditure Purpose’ were ₹1329.07 Lakhs, with ₹1316.02 Lakhs utilized. The ‘General Corporate Purpose’ had an allocation of ₹432.21 Lakhs, of which ₹416.12 Lakhs was utilized. The company clarified that the General Corporate Purpose also includes the utilization of funds for Issue Expenses, amounting to ₹174.98 Lakhs.
The statement indicates that there were no deviations or variations requiring further shareholder approval during the reporting period, nor were there any changes to the terms of contracts that necessitated such approval.
Source: BSE
