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Azad Engineering Limited has confirmed that there was no deviation or variation in the utilization of funds raised through its IPO for the quarter ended September 30, 2024. The company raised ₹740 crore, comprising ₹240 crore from a fresh issue and ₹500 crore from an offer for sale. This announcement underscores the company's adherence to its intended use of proceeds as outlined in the prospectus, fostering a positive outlook among investors regarding its financial management. The Audit Committee reviewed the statement, reinforcing the firm's commitment to transparency and operational integrity.