Garuda Construction and Engineering Limited — Others, 13-02-2025: Statement of deviation(s) or variation(s) under Reg. 32

Garuda Construction and Engineering Limited has provided a statement confirming no deviation in the utilization of funds from its IPO for the quarter ended December 31, 2024. The company raised ₹173.85 crore on October 11, 2024, and a review conducted by the Audit Committee revealed that ₹107.14 crore has been utilized for its intended objectives. The remaining ₹52.53 crore is held in fixed deposits for future business needs. This clarity on fund utilization may enhance investor confidence, indicating prudent financial management and operational stability.