Mahalaxmi Seamless has confirmed that the Statement on Deviation or Variation of funds is not applicable for the quarter ended June 30, 2026. The company disclosed this compliance update to BSE Limited on July 27, 2026, affirming that there were no deviations in the utilization of proceeds from public issues, rights issues, preferential issues, or Qualified Institutional Placements (QIPs). This confirmation ensures transparency regarding capital allocation and adherence to regulatory guidelines for listed entities. Investors are assured that no unapproved variations occurred in the deployment of raised funds during Q4FY26.

The disclosure was filed under Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation mandates listed companies to report any deviation or variation in the utilization of proceeds from public offers, rights issues, preferential allotments, or QIPs. By stating that the requirement is "not applicable," Mahalaxmi Seamless indicates that either no such fundraising activities took place during the quarter, or any existing proceeds were utilized strictly as per the stated objects without requiring a deviation report. The filing serves as a routine compliance measure to maintain market integrity.

Regulatory Compliance Details

The statement was signed by Vivek Madhav Prasad Jalan, Managing Director of Mahalaxmi Seamless Limited. His DIN is 00114795. The communication was addressed to the Secretary of BSE Limited, located at P.J. Towers, Dalal Street, Mumbai. The company’s corporate identification number (CIN) is L93000MH1991PLC061347. The script code referenced in the filing is 513460.

This filing reinforces the company’s commitment to regulatory compliance and transparent financial reporting. No further details regarding specific fund utilization amounts or project-wise allocations were provided, as the absence of deviation negates the need for such granular data in this specific report. The company’s registered office is located in Pipenagar (Sukeli), Raigad, with its Mumbai office at Virwani Industrial Estate, Goregaon East.

Mahalaxmi Seamless Limited has disclosed a proposed off-market inter-se transfer of 5,51,412 equity shares by way of gift between its promoters, representing 10.44% of the company's total share capital. The transaction involves the transfer of shares from Mr. Madhavprasad Govindram Jalan to Mr. Vivek Madhavprasad Jalan, who is an immediate relative and the Managing Director of the company. The transfer is scheduled to take place on or after July 15, 2026.

The Board of Directors of Mahalaxmi Seamless Limited took note of the proposed transfer during its meeting held on July 02, 2026. The acquisition is being undertaken pursuant to Regulation 10(1)(a)(i) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. This regulation provides an exemption from making an open offer when the transfer is between immediate relatives and the acquirer's total shareholding or voting rights in the listed company does not exceed 25%.

Mr. Vivek Madhavprasad Jalan, the acquirer, currently holds 5,08,080 equity shares, which accounts for 9.62% of the total diluted share capital. Following the proposed transaction, his shareholding will increase to 10,59,492 equity shares, constituting 20.06% of the total diluted share capital. Conversely, the transferor, Mr. Madhavprasad Govindram Jalan, will divest his entire holding of 5,51,412 shares, which represents 10.44% of the share capital, reducing his stake to nil.

The shares are being transferred by way of gift, and consequently, the pricing provisions related to volume weighted average market price or other valuation mechanisms are not applicable to this transaction. The acquirer has declared that both the transferor and transferee have complied, and will continue to comply, with the applicable disclosure requirements outlined in Chapter V of the Takeover Regulations, 2011.

Shareholding Pattern

The following table details the changes in shareholding for the individuals involved in the inter-se transfer: