Refractory Shapes Limited — Others, 16-05-2025: Statement of deviation(s) or variation(s) under Reg. 32

Refractory Shapes Limited confirms full adherence to its IPO proceeds utilization of Rs. 18.6 Cr. Funds were deployed as planned for civil construction and machinery at the Wankaner plant, repaying borrowings, purchasing commercial vehicles, and general corporate needs. The Audit Committee and auditors reviewed the utilization without any concerns. This disciplined fund management underpins the company’s expansion plans and reinforces financial stability, benefiting shareholders by demonstrating operational discipline and prudent capital allocation.