Deepa Jewellers Limited has announced the resignation of its Chief Financial Officer (CFO), Mr. Srinivas Kamoji Gunupudi, effective November 30, 2026, citing unavoidable personal commitments. The company expressed appreciation for his contributions. Additionally, Deepa Jewellers has submitted the Monitoring Agency Report for the quarter ended September 30, 2026, as required by SEBI regulations, confirming utilization of IPO proceeds in line with disclosures and no major deviations.
CFO Resignation Announced
Deepa Jewellers Limited has informed the stock exchanges regarding the resignation of its Chief Financial Officer (CFO), Mr. Srinivas Kamoji Gunupudi. The resignation is effective from the close of business hours on November 30, 2026. The company stated that Mr. Gunupudi’s departure is due to unavoidable personal commitments and extended its sincere appreciation for his valuable contributions during his tenure.
Monitoring Agency Report Submitted
In compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Deepa Jewellers Limited has also submitted the Monitoring Agency Report for the quarter ended September 30, 2026. This report, prepared by CARE Ratings Limited, details the utilization of the company’s Initial Public Offer (IPO) proceeds. According to the report, the gross proceeds of the issue amounted to Rs. 250 crore, with Rs. 153.78 crore spent as of September 30, 2026, towards specified objects and issue expenses, aligning with the disclosures in the offer document.
Utilisation of Funds
The monitoring report indicates that the utilization of funds is in line with the offer document. The company has allocated funds towards long-term working capital requirements and general corporate purposes. A total of Rs. 90.00 crore remains invested in fixed deposits with Yes Bank, and Rs. 2.01 crore in the IPO monitoring account, while issue expenses incurred were Rs. 16.71 crore.
No Deviations Noted
The report confirms that there have been no deviations from the objects of the issue as disclosed in the offer document. All arrangements pertaining to technical assistance and collaboration are noted as operational. There were also no material deviations observed compared to earlier monitoring agency reports. The company’s board has provided no comments or required actions regarding the monitoring report’s findings for this quarter.
Source: BSE
