Key Findings
- No deviation or variation in the utilisation of IPO proceeds from the objects stated in the offer document
- Proceeds have been utilised in line with the objects of the Issue
- Statement reviewed and noted by the Audit Committee and Board of Directors in their meetings held on 12th August, 2026
IPO Details
- Date of Allotment: 17th March, 2026
- Amount Raised: ₹178.73 Crores
- Monitoring Agency: CARE Ratings Limited
- Quarter Reported: 30th June, 2026
Fund Utilisation Breakdown
| Original Object | Original Allocation (₹ Crore) | Funds Utilised (₹ Crore) | Deviation Status |
| Funding capital expenditure requirements for expansion of existing manufacturing facility at Panchmahal district, Gujarat through forward integration and diversification of product portfolio i.e., Stainless Steel Seamless Pipes | 18.57 | 0.00 | No Deviation |
| Full or part repayment and/or prepayment of certain outstanding borrowings availed by our Company | 98.00 | 96.01 | No Deviation |
| General Corporate Purpose | 44.64 | 44.46 | No Deviation |
| Issue Related Expense | 17.52 | 16.92 | No Deviation |
| Total | 178.73 | 157.40 | No Deviation |
Financial Impact
No financial impact from deviation as there has been no variation in fund utilisation from originally stated objects.