Regulatory28 May 2026, 11:50 pm
Gallard Steel: No IPO fund deviation for H1 FY26; ₹37.50 Cr raised
AI Summary
Gallard Steel Limited confirmed no deviation or variation in the utilization of its Initial Public Offer (IPO) proceeds for the half-year ended March 31, 2026. The company raised ₹37.50 crore through its IPO on November 24, 2025, by issuing 25 lakh shares at ₹150 each. The IPO's objectives included strengthening the capital base, expanding manufacturing facilities, constructing an office building, and repaying certain borrowings. As of March 31, 2026, ₹11.48 crore has been utilized, with ₹26.01 crore remaining unutilized. The unutilized funds are currently held in fixed deposits with Yes Bank Limited.
Key Highlights
- Gallard Steel confirms no deviation in IPO fund utilization for H1 FY26.
- ₹37.50 crore was raised through the IPO on November 24, 2025.
- ₹11.48 crore of IPO proceeds utilized; ₹26.01 crore remains unutilized.
- Unutilized funds are held in fixed deposits with Yes Bank Limited.
- IPO objectives include capital expenditure, debt repayment, and general corporate purposes.
Price Impact
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