IEL Limited has submitted its statement on the deviation or variation in the use of proceeds from its Rights Issue for the quarter ended September 30, 2026. The company confirms that there has been no deviation in the utilization of these funds compared to the objects stated in the Letter of Offer dated January 17, 2025. This statement was reviewed by the Audit Committee on November 4, 2026.
IEL Limited Confirms No Deviation in Fund Utilization
IEL Limited has officially reported that there has been no deviation or variation in the utilization of funds raised through its Rights Issue for the quarter ending September 30, 2026. This confirmation aligns with Regulation 32(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Details of Fund Utilization
The statement, reviewed by the Audit Committee on Wednesday, November 4, 2026, indicates that the use of proceeds has strictly adhered to the objects outlined in the Letter of Offer, dated January 17, 2025. The total funds raised were ₹4317.22 Lakhs, with specific allocations for acquiring land for warehouse construction (₹977 Lakhs), financing warehouse construction (₹2414.31 Lakhs), and general corporate purposes (₹925.91 Lakhs). The actual funds utilized for each of these objectives matched the original allocation, showing no variance.
Auditors’ Confirmation
An auditor’s certificate from Maark & Associates, Chartered Accountants, dated November 4, 2026, further substantiates the company’s claim. The auditors confirmed that IEL Limited has raised a total of ₹43,17,21,894.20 from its Rights Issue. They certified that there has been no deviation or variation in the utilization of these funds compared to what was stated in the Offer Document. The report covers the period ended September 30, 2026, and also notes that there were no deviation/variation in utilization except as mentioned above.
Source: BSE
