KRN Heat Exchanger filed a SEBI Regulation 32 compliance statement confirming no deviation in use of ₹341.94 crore IPO funds.
The company raised funds on October 3, 2024, with CRISIL Ratings Limited serving as the monitoring agency for fund utilization.
Funds were utilized as planned: ₹233.04 crore for subsidiary investment and ₹75.36 crore for general corporate purposes.
The Audit Committee reviewed and confirmed no variation in fund usage for the quarter ended March 31, 2026.