Horizon Reclaim: IPO Proceeds Use Deviation Reported

Horizon Reclaim (India) Ltd has filed a Statement of Deviation or Variation in the utilization of its Initial Public Offering (IPO) proceeds for the half-year ended September 30, 2026. The deviation, reviewed by the Audit Committee and Board of Directors, pertains to an increase in Issue Expenses. The actual expenses incurred were ₹476.29 lakhs, exceeding the planned ₹434.44 lakhs by ₹41.85 lakhs. This led to a corresponding reduction in the allocation for General Corporate Purposes (GCP) from ₹3,779.84 lakhs to ₹3,737.99 lakhs. The company clarified that this variation was not due to any change in the original objects of the issue or a shareholder-approved alteration.