KRN Heat Exchanger and Refrigeration Limited has formally confirmed that there has been no deviation or variation in the utilization of funds raised through its Qualified Institutional Placement (QIP) Issue. This statement, reviewed by the company’s Audit Committee, pertains to the quarter ended June 30, 2026, offering transparency to stakeholders regarding fund deployment.
Transparency in Fund Utilization
KRN Heat Exchanger and Refrigeration Limited has issued a formal statement confirming the accurate utilization of funds raised via its Qualified Institutional Placement (QIP) issue. In adherence to regulatory requirements, the company stated that there has been no deviation or variation in how the raised capital has been deployed. This confirmation is a crucial step in maintaining investor confidence and regulatory compliance.
Audit Committee Review
The company’s statement highlights that the utilization of funds has been duly reviewed by the Audit Committee. This independent review ensures that the funds raised through the QIP are being used for the purposes originally disclosed to investors. The report covers the financial quarter that concluded on June 30, 2026.
Details of Fund Deployment
The provided details indicate that the initial allocation for various purposes, including repayment of borrowings (₹3,000.00 Lacs), investment in subsidiary KRN HVAC Products Private Limited for working capital (₹9,207.98 Lacs), and General Corporate Purposes (₹7,653.73 Lacs), has been strictly followed. No deviations were reported for these objects.
No Material Changes Noted
According to the statement, there has been no deviation or variation in the use of funds raised through the QIP issue. The company has also indicated that the funds raised, totaling INR 349.99 Crore on June 01, 2026, were utilized in line with the disclosed objectives, with no subsequent changes requiring shareholder approval or alterations to the original contract terms.
Source: BSE
