SRM Contractors Limited — Others, 14-11-2024: Statement of deviation(s) or variation(s) under Reg. 32

SRM Contractors Limited has released its Monitoring Agency Report for the quarter ending September 30, 2024, pertaining to the utilization of proceeds from its initial public offer (IPO) of ₹130.20 crore. The report, issued by CARE Ratings, confirms no deviations from the objectives outlined in the offer document. The Audit Committee has reviewed the report, reinforcing transparency in fund usage. While there have been no significant changes or delays in project completion timelines, the company has effectively utilized ₹74.10 crore of the IPO funds, with adequate remaining funds now invested in fixed deposits. This aligns with shareholder interests, indicating a positive outlook for resource management and operational efficiency.