Kataria Industries Limited — Important, 06-12-2024: Updates

The Board of Directors of Kataria Industries Limited has approved variations in the utilization of IPO proceeds. The company reported that ₹1.75 crore remains unutilized as of November 30, 2024, primarily due to unfavorable economic conditions affecting infrastructure projects. This slowdown has significantly impacted the market demand for planned products, specifically Rebar Couplers and Bridge Bearings, leading to a reassessment of their business viability.

In light of this, the company will redirect these funds to enhance its Wire Division by installing a PIT Type Electric Heated Bight Annealing Furnace and a 6T Capacity Bell Type Annealing Furnace. A special resolution to alter the terms of object of the issue will be presented to shareholders following the preparation of a detailed postal ballot notice. Additionally, National Securities Depository Limited (NSDL) has been appointed as the remote e-voting agency, and M/s. Alap & Co. LLP will serve as the scrutinizer. This proactive approach may position the company to capture new opportunities in a challenging market landscape.