KRN Heat Exchanger: No Deviation in QIP Fund Utilization

KRN Heat Exchanger and Refrigeration Ltd has confirmed no deviation or variation in the utilization of funds raised through its Qualified Institutional Placement (QIP) issue. The statement, reviewed by the Audit Committee for the quarter ended June 30, 2026, indicates that all funds raised amounting to INR 349.99 Crore have been utilized as per the original objects. The funds were allocated for repayment of borrowings, investment in its subsidiary KRN HVAC Products Private Limited for working capital, and general corporate purposes. The company's Chief Financial Officer, Pawan Nal, signed the confirmation on August 12, 2026.