Horizon Reclaim (India) Limited submitted a regulatory filing to BSE Limited regarding the utilization of proceeds from its Initial Public Offering (IPO) for the quarter ended June 30, 2026, pursuant to Regulation 32 of SEBI (LODR) Regulations, 2015 read with Regulation 262 of SEBI (Issue of Capital and Disclosure Requirements) Regulations 2018.

The company raised ₹5,427.28 lakh through a fresh issue of equity shares in its IPO on June 19, 2026. The monitoring agency for the IPO proceeds is CRISIL Ratings Limited.

The filing reports a variation in the utilization of funds. While there was no deviation from the objects of the Issue, there was a variation in the allocation towards Issue Expenses. The actual Issue Expenses incurred were ₹450.33 lakh, which exceeded the estimated amount of ₹434.44 lakh stipulated in the Offer Document by ₹15.89 lakh. This increase was attributed to the actual expenses incurred, including GST, whereas the Offer Document amount excluded GST.

Consequently, the allocation for General Corporate Purposes (GCP) was reduced from ₹779.84 lakh to ₹763.95 lakh. The total net proceeds were revised from ₹4,992.84 lakh to ₹4,976.95 lakh due to this variation.

The specific objects of the Issue and their funding remained unchanged:

  • Working capital requirements: ₹600.00 lakh (as per Offer Document and actual)
  • Repayment of borrowings: ₹2,670.00 lakh (as per Offer Document and actual)
  • Capital expenditure for plant & machinery: ₹943.00 lakh (as per Offer Document and actual)
  • General corporate purposes: ₹763.95 lakh (revised from ₹779.84 lakh)

The Audit Committee reviewed the utilization and the Monitoring Agency Report at its meeting held on August 13, 2026. It noted that there was no deviation from the objects of the Issue as disclosed in the Offer Document. The Committee confirmed that the variation was solely due to higher actual Issue Expenses and correspondingly reduced GCP allocation, with no change to the Issue objects.

The Board of Directors also reviewed and approved the statement at their meeting held on August 13, 2026.

The auditors, upon review of records and documentation, observed no deviation in the utilization of IPO proceeds and confirmed that funds were used in accordance with the objects stated in the offer document.

The variation was not pursuant to any change in terms of a contract or objects approved by shareholders.