Ravelcare Limited has submitted its quarterly disclosure confirming no deviation or variation in the utilization of funds raised through its Initial Public Offer (IPO) for the half-year ended September 30, 2026. The statement, reviewed by the Audit Committee and approved by the Board, assures stakeholders that the proceeds were utilized as per the objects stated in the Prospectus. The company detailed fund allocation for marketing, manufacturing facility setup, general corporate purposes, and issue expenses.
Ravelcare Limited Reports IPO Fund Utilization
Ravelcare Limited has officially confirmed that there has been no deviation or variation in the utilization of funds raised via its Initial Public Offer (IPO). This disclosure pertains to the financial period ending September 30, 2026, as mandated by Regulation 32(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Audit Committee and Board Review
The company’s statement on fund utilization was meticulously reviewed by its Audit Committee. Subsequently, it was taken on record by the Board of Directors during their respective meetings held on November 13, 2026. This procedural step ensures transparency and adherence to the original IPO objectives outlined in the company’s Prospectus.
Fund Allocation Details
The statement further provides a breakdown of the IPO proceeds. The original allocation for marketing and advertisement expenses to enhance brand awareness was ₹1150.00 Lakhs, with ₹896.29 Lakhs utilized. The planned setup of a new manufacturing facility in Amravati, initially allocated ₹780.60 Lakhs, has seen ₹780.60 Lakhs utilized. General corporate purposes had an allocation of ₹213.21 Lakhs, of which ₹213.21 Lakhs have been used. Finally, issue expenses totaling ₹266.39 Lakhs saw ₹219.10 Lakhs utilized.
Unaudited Financials Verification
Independent Chartered Accountants, Ratan Chandak & Co LLP, as statutory auditors, verified the IPO fund utilization as of September 30, 2026. They certified that the figures presented in Annexure A, prepared by Ravelcare Limited, are in agreement with the unaudited books of accounts. The total IPO amount raised was ₹2410.2 Lakhs, with a total utilization of ₹1328.60 Lakhs, leaving an unutilized amount of ₹1081.60 Lakhs.
Remarks on Unutilized Funds
The unutilized amount of ₹780.60 Lakhs for the Amravati manufacturing facility is currently lying as a Term Deposit in a swift account with Kotak Bank. This provides clarity on the status and management of the remaining funds.
Source: BSE
