Kanishk Aluminium India Limited has filed its statement of deviation or variation under Regulation 32 of SEBI (LODR) Regulations, 2015, for the quarter ended September 30, 2026. The company confirms that there has been no deviation or variation in the utilization of the ₹29.20 crore raised through its Initial Public Offering (IPO), as per the objects stated in the Prospectus dated January 20, 2026. The full utilization of the proceeds towards the stated objects has been confirmed by the Audit Committee and also by the independent auditors.
Kanishk Aluminium India Limited Confirms No Deviation in IPO Fund Utilization
Kanishk Aluminium India Limited has submitted its quarterly statement regarding the utilization of funds raised through its Initial Public Offering (IPO), covering the period up to September 30, 2026. The company, which raised ₹29,20,00,000 (Twenty-Nine Crores Twenty Lakhs) through the IPO of 40,00,000 equity shares, has affirmed that the proceeds have been utilized strictly in accordance with the objects outlined in its Prospectus dated January 20, 2026.
Detailed Fund Utilization
The funds raised were allocated to several key objectives. These include ₹1,950.00 Lakhs for repayment or pre-payment of certain borrowings, ₹79.75 Lakhs for branding and promotion of the Company brand “Baari” by Kanishk, ₹431.80 Lakhs for general corporate purposes, and ₹458.45 Lakhs for issue-related expenses. The total amount raised was ₹2,920.00 Lakhs, with ₹2,888.06 Lakhs utilized up to September 30, 2026.
Notably, the company reports that as of the signing date of the disclosure, the entire unutilized amount has been fully utilized towards the branding, promotion, and marketing of the Company’s brand, “Baari by Kanishk”.
Audit Committee and Auditor Confirmation
The Audit Committee of Kanishk Aluminium India Limited has reviewed the utilization of IPO proceeds and confirmed that there is no deviation in how the funds were used, aligning with the disclosures in the Prospectus. Furthermore, the independent auditors, Mahaveer Gandhi & Associates, have certified that based on their verification of the company’s books of account, relevant records, and management explanations, the IPO proceeds have been utilized for the purposes for which they were raised, with no deviation or variation observed during the quarter ended September 30, 2026.
Key Details of the IPO
The Initial Public Offering was conducted as a public issue, with the allotment date on February 2, 2026. The issue price per equity share was ₹73/-, inclusive of a premium of ₹63/- per share. The gross proceeds of the issue amounted to ₹29,20,00,000 (₹2,920 Lakhs).
Source: BSE
