SRIGEE DLM LIMITED has officially informed the Bombay Stock Exchange about deviations in the utilization of its Initial Public Offer (IPO) proceeds. The company has provided a detailed statement for the half-year ended September 30, 2026, outlining variations in how the IPO funds were allocated and utilized, as required by SEBI regulations. The statement includes revised allocations and explanations for the changes.
SRIGEE DLM LIMITED Discloses IPO Fund Utilization Variations
SRIGEE DLM LIMITED has issued a statement to the Department of Corporate Services at the Bombay Stock Exchange regarding deviations or variations in the utilization of funds raised through its Initial Public Offer (IPO). This disclosure is made in compliance with Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Key Details of the Statement
The report covers the half-year period ended on September 30, 2026. The company states that there have been deviations or variations concerning the utilization of IPO proceeds. A detailed statement has been enclosed with the communication, providing an explanation for these changes. This follows SEBI Circular No. CIR/CFD/CMD1/162/2019 dated December 24, 2019.
Breakdown of Fund Utilization
The total IPO proceeds amounted to ₹1,697.65 Lakhs. Originally allocated funds totaled ₹1,697.65 Lakhs. However, the revised allocation of funds stands at ₹852.06 Lakhs, with a total of ₹845.59 Lakhs remaining unutilized as of September 30, 2026. The funds are currently held in the company’s bank account in Fixed Deposit & Bank Accounts.
Original Objects vs. Revised Allocation
Key objects for which funds were raised include:
- To Meet Working Capital Requirement: The initial allocation for setting up a manufacturing facility at Plot No. 15, Ecotech X, Industrial Area, Greater Noida, was ₹542.78 Lakhs. This was revised to ₹967.18 Lakhs, with ₹542.78 Lakhs utilized. The remaining ₹424.40 Lakhs from this object have been reallocated for setting up the manufacturing unit.
- Acquisition of Machineries: The original allocation for machinery was ₹951.00 Lakhs, with a revised allocation of ₹526.60 Lakhs. Of this, ₹118.00 Lakhs has been utilized, and ₹408.60 Lakhs remain unutilized.
- General Corporate Purpose: This had an allocation of ₹49.85 Lakhs, all of which remain unutilized.
- IPO & Issue Related Expenses: The allocation was ₹154.02 Lakhs, with ₹141.43 Lakhs utilized and ₹12.59 Lakhs unutilized.
Explanation for Deviations
The deviations primarily stem from changes in the location of the manufacturing facility and the reallocation of funds. The manufacturing facility, initially planned for Plot No. 15, Ecotech X, Industrial Area, Greater Noida, was relocated to Plot No. R 11A, Integrated Industrial Township, Greater Noida. This relocation, approved by shareholders on September 30, 2025, necessitated adjustments in fund allocation. Specifically, an amount of ₹424.40 Lakhs, originally earmarked for machinery acquisition, was reallocated towards setting up the manufacturing facility at the new location. Shareholders also approved a revised allocation for setting up the manufacturing unit, increasing it from ₹542.78 lakhs to ₹967.18 lakhs.
Regarding machinery acquisition, the company stated that funds were used to purchase machinery installed at its existing plant. A portion of the funds, along with the reallocated amount, has been earmarked for the new manufacturing unit.
Source: BSE
