Aanchal Ispat Limited has issued a statement confirming that there has been no deviation or variation in the use of proceeds from its Qualified Institutional Placement (QIP). The funds raised were utilized strictly as per the objects stated in the Notice of the Extra-ordinary General Meeting dated May 23, 2026. This confirmation pertains to the quarter that ended on September 30, 2026, with the statement duly reviewed by the Audit Committee.
Aanchal Ispat Confirms Fund Utilization
Aanchal Ispat Limited has officially communicated to the stock exchanges that its utilization of funds raised through a Qualified Institutional Placement (QIP) remained in full compliance with the stated objectives. The company confirmed that there were no deviations or variations in how these funds were applied during the financial quarter ending September 30, 2026.
Adherence to Stated Objects
In accordance with Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Aanchal Ispat has provided a detailed statement on fund utilization. The proceeds from the QIP, raised and detailed in the EGM Notice dated May 23, 2026, were used exclusively for the purposes originally outlined. This includes meeting payment obligations under the NCLT approved Resolution Plan, settlement of dues to secured and operational creditors, and associated CIRP costs.
Audit Committee Review
The statement of deviation or variation, in its prescribed format, has undergone a thorough review by the Audit Committee of Aanchal Ispat Limited. This review was conducted during the committee’s meeting held on November 14, 2026. The company has enclosed the reviewed statement, assuring stakeholders of transparency and adherence to financial commitments.
Fund Utilization Details
The funds raised, amounting to Rs. 7,00,00,000/- (Rupees Seven Crore Only) through the Qualified Institutional Placement on 04/06/2026, have been fully utilized. The original allocation for various purposes, including CIRP costs and payment to creditors, has been closely matched by the actual utilization. Specifically, the total allocated amount of Rs. 700.00 Lakhs was fully utilized towards the stated objects of the issue, with no discrepancies reported for the quarter ended September 30, 2026.
Source: BSE
