NewsIPOSharvaya Metals Reports No Deviation in IPO Fund Utilization, Rs. 3626.53 Lacs Remains UnutilizedSharvaya Metals Reports No Deviation in IPO Fund Utilization, Rs. 3626.53 Lacs Remains Unutilized
Sharvaya Metals Ltd, listed on BSE SME, reported no deviation in its IPO fund utilization for Q2 2023. Out of Rs. 4900.00 lacs raised, Rs. 1273.47 lacs have been used, with Rs. 3626.53 lacs remaining. The company plans to use the remaining funds by March 2026 for working capital, civil construction, electrification, plant machinery, and corporate purposes. A board meeting is scheduled for November 14 to review Q2 financial results.
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Sharvaya Metals Ltd, a company listed on the BSE SME platform, has reported no deviation or variation in the utilization of its Initial Public Offer (IPO) proceeds for the quarter ended September 30. The company has provided a detailed breakdown of its fund utilization and future plans in its latest regulatory filing.
IPO Fund Utilization
According to the company's statement, out of the total Rs. 4900.00 lacs raised through the IPO, Sharvaya Metals has utilized Rs. 1273.47 lacs as of September 30. The remaining Rs. 3626.53 lacs is yet to be utilized.
| Particulars | Amount (in lacs) |
|---|---|
| Total IPO Funds Raised | 4900.00 |
| Amount Utilized | 1273.47 |
| Unutilized Amount | 3626.53 |
Planned Utilization of Remaining Funds
Sharvaya Metals has outlined its plans for the unutilized funds, stating that the remaining Rs. 3626.53 lacs will be used by March 2026. The company intends to allocate these funds towards:
- Meeting working capital requirements
- Funding capital expenditure for civil construction and electrification
- Purchasing plant and machinery
- General corporate purposes
Regulatory Compliance
The company's board of directors and audit committee have reviewed the fund utilization and confirmed that there has been no deviation from the objects stated in the offer document. This statement is in compliance with Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Upcoming Board Meeting
In related news, Sharvaya Metals has scheduled a board meeting for November 14 to consider and approve the unaudited financial results for the half-year ended September 30. The company has also closed its trading window for designated persons in compliance with SEBI regulations on insider trading.
Sharvaya Metals' adherence to regulatory requirements and transparent reporting of its IPO fund utilization demonstrates its commitment to good corporate governance practices.
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