Belrise Industries Limited has disclosed its Statement of Deviation for the utilization of net proceeds from its Initial Public Offering (IPO) for the quarter ended December 31, 2025. The company confirms there were no deviations in the utilization of the gross proceeds raised. Total funds utilized during the quarter amounted to ₹276.70 million, primarily against the General Corporate Purposes allocation.
IPO Fund Utilization Disclosure for Q3 FY2026
Belrise Industries Limited is submitting the mandatory Statement of Deviation or Variation concerning the utilization of funds raised through its Initial Public Offering (IPO), covering the quarter ending December 31, 2025. This statement has been reviewed by the Audit Committee, which met on January 31, 2026.
The report confirms that there is No Deviation/Variation in the use of the funds raised during this period.
Summary of IPO Proceeds and Utilization
The IPO, a Public Issue conducted between May 20, 2025, and May 23, 2025, successfully raised ₹21,500 million in Gross Proceeds (₹20,286.12 million in Net Proceeds after expenses). The utilized funds as of December 31, 2025, remain consistent with the planned allocations.
Original vs. Actual Utilization as of Quarter End
The total Net Proceeds were allocated primarily to two areas:
- Repayment/prepayment of borrowings: The original allocation was ₹16,181.27 million, which was subsequently actualized to ₹15,960.21 million, resulting in a 0.00 million variation. All funds allocated for this purpose have been fully utilized (0.00 million unutilized).
- Note: The initial debt repayment estimate was adjusted downwards based on actual outstanding loan balances as of May 29, 2025.
- General corporate purposes: The allocation increased slightly from the original ₹4,104.85 million to ₹4,325.91 million, showing a 0.00 million variation in utilization against the revised figure. A small amount of ₹4.27 million remains unutilized as of the quarter end.
Quarterly Utilization Details (Q3 FY2026)
During the quarter ending December 31, 2025, the company utilized funds as follows:
| Item Head | Amount Utilized During the Quarter (₹ in million) |
|---|---|
| Repayment/pre-payment | 0.00 |
| General corporate purposes | 0.00 |
| Net Proceeds Utilization Total | 0.00 |
| Issue Expenses Utilization Total | 276.70 |
| Total Funds Utilized in Quarter | 276.70 |
The temporary unutilized proceeds have been invested/parked in bank accounts, deposits, bonds, and commercial paper.
Source: BSE
