Beezaasan Explotech Limited submitted a regulatory compliance statement to BSE Limited pursuant to Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI circular No. CIR/CFD/CMD1/162/2019 dated December 24, 2019.

The disclosure confirms that during the half year ended September 30, 2026, there was no deviation or variation in the utilization of proceeds from the Initial Public Offer (IPO) as per the objects stated in the Prospectus dated 27th February, 2025. The statement was reviewed by the Audit Committee of the Company on November 06, 2026.

IPO Details

  • Mode of Fund Raising: Public Issue (Initial Public Offer)
  • Date of Raising Funds: 27th February, 2025
  • Amount Raised: Fresh Issue: ₹5993.40 lakh (Net Proceeds: ₹5233.66 lakh after deduction of share issue expenses of ₹759.74 lakh)
  • Reporting Period: Half year ended 30th September, 2026
  • Monitoring Agency: Not applicable

Fund Utilization Status

Total net proceeds originally allocated: ₹5232.14 lakh (revised from ₹5233.66 lakh due to an increase of ₹1.52 lakh in share issue expenses during half year ended 31.03.2025)

Total amount utilized as of September 30, 2026: ₹3410.59 lakh

Object-wise Utilization Details:

1. Civil construction for expansion of manufacturing unit

  • Original Object: Expansion for Emulsion Explosive-3 Plant, Emulsion Bulk Explosive Plant and Detonating Fuse Plant at Bhanthala, Mahisagar, Gujarat
  • Modified Object: Expansion for Detonating Fuse Plant and Detonator Plant at same location
  • Original Allocation: ₹387.47 lakh
  • Modified Allocation: ₹1180.38 lakh
  • Amount Utilized: ₹265.18 lakh
  • Remarks: Balance will be used in upcoming periods subject to statutory approvals and licenses

2. Purchase of plant and machinery

  • Original Object: Purchase of Emulsion Bulk Explosive Plant and Detonating Fuse Plant
  • Modified Object: Plant and Machineries for Expansion of Detonating Fuse Plant and Detonator Plant
  • Original Allocation: ₹2304.30 lakh
  • Modified Allocation: ₹1655.79 lakh
  • Amount Utilized: ₹749.44 lakh
  • Remarks: Detonating Fuse Plant completed and operations commenced late March 2026. Remaining funds will be deployed as project work progresses and approvals are obtained.

3. Civil construction for expansion of magazine storage facility

  • Object: Expansion of additional magazine storage facility for Emulsion Cartridge Explosives and Detonating Fuse at Felsani, Gujarat
  • Allocation: ₹202.56 lakh
  • Amount Utilized: ₹202.56 lakh
  • Remarks: Entire amount utilized as per original objects

4. Purchase of Commercial Vehicle

  • Original Allocation: Not specified in table
  • Modified Status: Object removed
  • Amount Utilized: Not applicable
  • Remarks: This object has been altered and removed

5. Repayment/prepayment of borrowings

  • Allocation: ₹1800.00 lakh
  • Amount Utilized: ₹1800.00 lakh
  • Remarks: CC Limit has been reduced as planned

6. General corporate purposes

  • Allocation: ₹393.41 lakh (revised from original ₹394.93 lakh)
  • Amount Utilized: ₹393.41 lakh
  • Remarks: Entire amount has been spent

Key Modifications and Approvals

The company modified the allocation towards the objects of the IPO due to regulatory complexities and delays. Specifically:

  • Replaced Emulsion Bulk Explosives-3 and Bulk E Plants from Objects 1 and 2
  • Shifted ₹648.51 lakh from Capex for Plant & Machinery (Object 2) to Capex towards Civil Constructions (Object 1)
  • Shifted ₹144.40 lakh from Commercial Vehicle Purchases (Object 4) to Capex towards Civil Constructions (Object 1)
  • Resulting modified allocations: Object 1: ₹1180.38 lakh, Object 2: ₹1655.79 lakh, Object 4: Nil

These modifications were approved by special resolution in the AGM held on 17th September, 2026.

Temporary Fund Deployment

₹20.00 crore has been temporarily parked in fixed deposit receipts (FDRs) pending statutory approvals required under Explosive Rules, 2008 for certain components of the expansion project. These funds will be utilized in accordance with the planned objects of the issue once approvals are received.