Glass Wall Systems (India) Limited has submitted its statement on the deviation or variation in the utilization of funds raised through its Initial Public Offer (IPO). For the quarter and half-year ended September 30, 2026, the company reported no deviation or variation in how these funds were utilized. The statement has been reviewed and approved by the company’s Audit Committee.
Statement on IPO Fund Utilization
Glass Wall Systems (India) Limited has officially communicated its adherence to the stipulated regulations regarding the utilization of funds raised from its Initial Public Offer (IPO). In a statement filed for the quarter and half-year period that concluded on September 30, 2026, the company confirmed that there has been no deviation or variation in the application of these funds.
Audit Committee Approval
This declaration was formally reviewed and subsequently approved by the Audit Committee of Glass Wall Systems (India) Limited during its meeting held on November 03, 2026. The company is thus affirming compliance with the requirements set forth by SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Fund Utilization Details
The funds were initially raised via a Public Issue on November 09, 2026, with a total amount raised of ₹600 million (₹60 crores). The primary object for which these funds were raised was for capital expenditure towards setting up of a Glass Processing Unit (GPU) Project as part of the company’s backward integration strategy at its Vile Bhagad Facility. Other purposes included General Corporate Purposes and offer-related expenses.
For the reporting quarter and half-year, the funds utilized against the GPU project amounted to ₹1,50,50,051.15, with no deviation from the planned allocation. Similarly, funds utilized for General Corporate Purposes were ₹4,63,02,361.41 and for Offer related expenses were ₹2,60,73,015.00, again with no reported deviation.
The total amount raised stood at ₹60,00,00,000.00, and the total funds utilized up to the reporting period were ₹8,74,25,427.56.
Source: BSE
