Sai Parenterals Limited has officially informed exchanges that there have been no deviations or variations in the utilization of funds raised from its Initial Public Offer (IPO). This statement pertains to the quarter ended September 30, 2026. The company has provided a detailed statement enclosed with the communication, outlining the allocation and utilization of IPO proceeds against the original objects.
Statement on IPO Fund Utilization
Sai Parenterals Limited has issued a formal statement to the stock exchanges regarding the utilization of funds raised through its Initial Public Offer (IPO). In accordance with Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company has confirmed that there were no deviations or variations in the application of IPO proceeds during the financial quarter ending September 30, 2026.
Details of Fund Utilization
The enclosed statement provides a comprehensive breakdown of the fund utilization against the original objects of the IPO. The total amount raised was ₹2,850 million. The report details the original allocation and modified allocation for each project, along with the funds utilized as of the reporting quarter. Notably, for several items, the utilized amount is zero or significantly less than the original allocation, with no material deviation or variation reported.
Key Project Allocations and Utilization:
- Capacity expansion and upgradation of manufacturing facilities: Original Allocation: 1107.95 million; Funds Utilised: 98.51 million.
- Capacity expansion and upgradation of manufacturing facilities (Saicriti Pharma): Original Allocation: 0 million; Funds Utilised: 100 million.
- Establishment of a new R&D Centre: Original Allocation: 180.23 million; Funds Utilised: 150 million.
- Repayment / p-repayment of certain outstanding borrowings: Original Allocation: 143.02 million; Funds Utilised: 136.54 million.
- Working capital requirements: Original Allocation: 330.00 million; Funds Utilised: 330.00 million.
- Repayment of bridge loan and term loan for investment in subsidiary: Original Allocation: 356.41 million; Funds Utilised: 356.41 million.
- General Corporate Purposes: Original Allocation: 447.40 million; Funds Utilised: 217.57 million.
- Issue Related Expenses: Original Allocation: 284.99 million; Funds Utilised: 284.90 million.
The company explicitly states that any differences between original and modified allocations, or the utilization thereof, do not constitute a deviation requiring shareholder approval, as per the terms of the IPO objects and subsequent approvals. The report confirms adherence to the IPO fund utilization plan as approved by shareholders.
Source: BSE
