Tunwal E-Motors Limited — Others, 26-05-2025: Statement of deviation(s) or variation(s) under Reg. 32

Tunwal E-Motors has confirmed that IPO proceeds of ₹81.72 Cr have been utilized as intended, with nearly ₹78.16 Cr deployed across working capital, corporate expenses, inorganic growth, and R&D. This disciplined capital usage underscores the company’s commitment to its operational and expansion plans, offering shareholders transparency on fund deployment and supporting continued growth.