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United Heat Transfer Limited has submitted a statement indicating no deviations in the utilization of proceeds from its Initial Public Offer (IPO) raised on October 25, totaling ₹29.99 crore, with net proceeds of ₹27.08 crore after expenses. Funds were allocated for debt repayment, working capital needs, and general corporate purposes, with the audit committee confirming proper usage as of December 31. This clarity reinforces financial discipline, potentially boosting investor confidence. The absence of deviations suggests effective management of funds, presenting a positive outlook for stakeholders.