Glen Industries Ltd — Important, 14-05-2026: Company Update

Glen Industries Limited has provided an update on its IPO fund utilization. While the monitoring agency reported no major deviation from the IPO's stated objects for the period, it highlighted a significant delay in deploying Rs. 22.85 Cr of the Rs. 56.59 Cr net proceeds for the new manufacturing facility. Due to regulatory approval delays, commercial production is now targeted for Q1/Q2 FY2026-27, instead of the original timeline. Critically, shareholder approval for this timeline revision has not been obtained. The agency also noted comingling of IPO funds with other company finances.