Patel Chem Specialities Ltd

IPO proceeds clarification

• Clarifies that the ₹0.015 crore deviation in IPO proceeds does not indicate diversion from RHP objects.
• Penalty of ₹0.015 crore deducted from FD proceeds by Axis Bank without prior intimation.
• Company will replenish shortfall and apply funds to the stated objects in the RHP.
• Observations were reported in Monitoring Agency Report for Q1 FY27.

Issue Overview

• Type: Public IPO of equity shares.
• Net proceeds revised downward after issue-related expenses.
• Main objects: capex for Indrad plant, general corporate purposes, and issue-related expenses.

Utilisation of Proceeds

• Utilisation largely as disclosed; deviation of 0.025% of gross proceeds.
• Capex: ongoing with no delay; partial utilisation; funds parked in fixed deposits.
• GCP: fully utilised for GCP.
• Issue-related expenses: partially utilised; remaining funds in monitoring account.
• Unutilised funds: Rs 34.78 crore parked in Axis Bank FDs and monitoring account.
• Interest adjustment: Rs 0.01 crore short due to premature FD closure; to be funded.

Governance and Compliance

• Approvals: statutory approvals obtained; principal approval from BSE.
• No material events affecting viability or management changes reported.
• Minor deviation noted; shortfall of Rs 0.015 crore acknowledged.

GCP

• GCP utilization: Rs 8.40 crore fully utilized; quarters detailed.
• Notes indicate GCP spending per quarter; capex-related allocations.

Dematerialisation processing and listing status

• Securities received for dematerialisation during quarter ended 30 June 2026 were confirmed to depositories.
• Securities in the certificates have been listed on the stock exchanges where the earlier issues are listed.
• Security certificates received for dematerialisation were mutilated and cancelled after verification, and depository name updated as registered owner.
• Name substitution in the register occurred within prescribed timelines.