Shree Ram Twistex Limited, a cotton yarn manufacturer based in Gondal, Rajkot (Gujarat), has filed its Statement of Deviation or Variation in utilisation of public issue proceeds with BSE Limited and the National Stock Exchange of India Limited, dated 13.05.2026. The submission is in compliance with Regulation 32 of the SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015, read with Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, covering the quarter and year ended 31.03.2026. The company's Managing Director, Bhaveshbhai Bhikhubhai Ramani (DIN: 00534813), signed and submitted the filing. The monitoring agency, Crisil Ratings Limited, has confirmed no overall deviation or variation in the use of funds raised.

IPO Fund Raising Details

Shree Ram Twistex raised Rs 11,024.00 lakh through its Initial Public Offering (IPO). The key details of the fund-raising are summarised below:

The monitoring agency report was issued by Crisil Ratings Limited (reference: CRL/MAR/SHRTPL/2025-26/1835, dated May 13, 2026), signed by Shounak Chakravarty, Director, Ratings (LCG). The report is based on a Statutory Auditor's Certificate dated May 04, 2026, issued by M/s Doshi Doshi & Co., Chartered Accountants (Firm Registration Number: 153683W), along with management undertakings, the Prospectus dated February 26, 2026, and bank statements.

Fund Utilisation Breakdown

The detailed object-wise utilisation of IPO proceeds for the quarter ended 31.03.2026 is presented below. Out of total gross proceeds of Rs 11,024.00 lakh, Rs 7,623.55 lakh has been utilised during the quarter, with Rs 3,400.45 lakh remaining as balance in the public offer account maintained with Axis Bank Limited.

Key Observations

Across the five stated objects of the IPO, three have been fully utilised with no deviation reported. The 6.1 MW Solar Power Plant allocation of Rs 734.55 lakh was fully utilised as a reimbursement — the solar project had been fully developed prior to the IPO using the company's internal accruals, and the proceeds were used to reimburse those expenses. The repayment of borrowings allocation of Rs 1,489.00 lakh was fully utilised to repay the loan sanctioned by SIDBI for financing the solar power plant. The working capital funding allocation of Rs 4,400.00 lakh was fully utilised towards procurement of raw materials from vendors.

For the 4.2 MW Wind Power Plant funding, an amount of Rs 500.00 lakh has been utilised as an advance to the vendor (Suzlon Energy Limited) against an original allocation of Rs 3,900.00 lakh, leaving a balance of Rs 3,400.00 lakh in the public offer account with Axis Bank Limited. The monitoring agency has noted a delay in implementation, as the company had estimated to utilise the full Rs 3,900.00 lakh by Fiscal 2026. As per the offer document, the company will deploy the unutilised proceeds in subsequent fiscals. For issue expenses, Rs 500.00 lakh has been utilised against an allocation of Rs 500.45 lakh, with a balance of Rs 0.45 lakh remaining in the same account.

Deployment of Unutilised Proceeds

The total unutilised balance of Rs 3,400.45 lakh is currently held in the public offer account of the company maintained with Axis Bank Limited, as detailed below:

The filing clarifies that deviation or variation, as applicable under SEBI regulations, may refer to deviation in the objects or purposes for which funds were raised, deviation in the amount of funds actually utilised against original disclosures, or a change in terms of a contract referred to in the fund-raising document. No such deviation has been declared by the company for the objects reported. The monitoring agency has confirmed that all utilisation is as per the disclosures in the offer document, and the means of finance for the disclosed objects has not changed.

Shree Ram Twistex Limited has announced the commencement of its postal ballot process with remote e-voting facility scheduled from May 1, 2026 to May 30, 2026. The cotton yarn manufacturing company published newspaper advertisements in Financial Express (English and Gujarati) on April 28, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Dates and Voting Schedule

The Board of Directors established the cut-off date for determining shareholder eligibility as April 24, 2026. The e-voting period will commence on Friday, May 1, 2026 at 9:00 a.m. IST and conclude on Saturday, May 30, 2026 at 5:00 p.m. IST. The result of the postal ballot is scheduled to be declared on or before Monday, June 1, 2026 at the company's registered office.

E-Voting Process and Shareholder Instructions

The company has entered into an agreement with National Securities Depository Limited (NSDL) for facilitating remote e-voting. Members holding equity shares either in physical form or dematerialised form as on the cut-off date are entitled to cast their votes electronically. The e-voting module will be disabled after May 30, 2026, and shareholders will not be permitted to change their votes once cast.

Shareholders who have not registered their email addresses may temporarily register with the company by submitting required documents including PAN and Aadhaar cards. Individual shareholders holding securities in demat mode can vote through their demat account maintained with depositories and depository participants, subject to updating mobile number and email ID correctly.

Regulatory Compliance and Communication

The postal ballot is being initiated in compliance with MCA Circulars and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Hard copies of postal ballot notice, forms, and pre-paid envelopes will not be sent to shareholders. The company will send the postal ballot notice by email to all shareholders who have registered their email addresses.

Shree Ram Twistex Limited operates in the cotton yarn manufacturing sector with its factory and registered office located at Survey No. 566P1, Near Bajrang Cotspin, Umwada Road, Gondal, Rajkot district, Gujarat. The company is listed on both BSE (Scrip Code: 544716) and NSE (Symbol: SRTL).