Poly Medicure Limited has officially confirmed that there were no deviations or variations in the utilization of funds raised through its Qualified Institutions Placement (QIP) for the quarter ended September 30, 2026. The company’s Audit Committee reviewed the actual utilization of the approximately Rs 99,999.98 lakh raised, finding full compliance with the stated objects of the issue.
QIP Fund Utilization Report Filed
Poly Medicure Limited has submitted its statement regarding the utilization of funds raised via Qualified Institutions Placement (QIP). For the financial quarter ending September 30, 2026, the company has reported no deviation or variation from the objects for which the funds were raised. This confirmation is based on a review conducted by the company’s Audit Committee.
Details of the Qualified Institutions Placement (QIP)
The QIP involved the allotment of 53,19,148 equity shares at a price of Rs 1880/- per share. The total funds raised amounted to approximately Rs 99,999.98 lakh. The placement was approved through various resolutions by the Board of Directors and Shareholders, with a special resolution passed via postal ballot on August 5, 2024. The preliminary placement document was dated August 19, 2024, with the final placement document and QIP Committee resolution on August 22, 2024.
Audit Committee Review
The Audit Committee, in its meeting held on November 5, 2026, reviewed the utilization of these funds. The total amount of funds received was approximately Rs 99,999.98 lakh. The review confirmed that the utilization aligns with the objects outlined in the placement document, ensuring transparency and compliance with regulatory requirements.
No Deviation Noted
In accordance with Regulation 32 of the SEBI Listing Regulations, Poly Medicure stated that there has been no deviation in the utilization of proceeds from the QIP. The amount utilized for the quarter ended September 30, 2026, was within the allocated budget for each of the stated objects, which include capital expenditure for manufacturing facilities, pursuing inorganic initiatives, and general corporate purposes. The total utilized amount against the original objects stood at Rs 58,105.83 lakh by the end of the reporting quarter.
Source: BSE
