Glen Industries Reports No IPO Proceeds Deviation Q4 FY26

Glen Industries submitted a monitoring agency report confirming no deviation in IPO proceeds utilization for the half-year ended March 31, 2026.
The company utilized ₹7.55 crore in Q4 FY26 towards project setup and GCP, bringing total utilization to ₹33.74 crore of the ₹56.59 crore net proceeds.
Project implementation is delayed to Q1/Q2 FY27 due to regulatory approval delays, with ₹22.85 crore remaining unutilized and invested in fixed deposits.
Funds were deployed through complex banking arrangements involving overdrafts against fixed deposits, resulting in commingling that required reliance on management certificates.