HP Adhesives Limited — Others, 14-05-2025: Statement of deviation(s) or variation(s) under Reg. 32

HP Adhesives Limited confirmed that funds raised through its IPO, totaling Rs. 1259.63 million (including Rs. 1134.36 million from the fresh issue), have been utilized as planned with no deviations. About Rs. 54 Cr was used for working capital, Rs. 23.14 Cr for capital expenditure, and Rs. 17.18 Cr for general corporate purposes. Although Capex spending was delayed, actual payments including taxes match the intended uses. Oversight by ICICI Bank and the audit committee found no issues, ensuring transparency and aligned fund deployment.