Laxmi Organic Industries Limited has confirmed that there has been no deviation in the utilization of Qualified Institutions Placement (QIP) proceeds from the objects stated in its placement document dated October 10, 2023. This confirmation for the quarter ended September 30, 2026, is supported by a Monitoring Agency Report issued by India Ratings & Research Private Limited.
QIP Proceeds Utilization Confirmed
Laxmi Organic Industries Limited has officially stated that the utilization of its Qualified Institutions Placement (QIP) proceeds has strictly adhered to the objects outlined in the placement document dated October 10, 2023. This confirmation covers the financial quarter concluding on September 30, 2026.
Independent Monitoring Report
To substantiate this claim, the company has enclosed the Monitoring Agency Report prepared by India Ratings & Research Private Limited. This independent report, for the specified quarter, verifies that the proceeds from the QIP have been utilized as per the stated objectives, without any deviations. The report from India Ratings & Research, acting as the Monitoring Agent, is a key document in ensuring transparency and compliance with regulatory requirements.
Regulatory Compliance
The intimation is provided in accordance with Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation mandates companies to report any deviations in the utilization of funds raised through specific issuances, such as QIPs, to the stock exchanges and relevant authorities. Laxmi Organic Industries’ confirmation signifies compliance with these disclosure norms.
The company has requested that these details be taken on record by the stock exchanges.
Source: BSE
