Quarterly Updates10 Nov 2026, 08:30 pm
Midwest Ltd: No IPO Fund Use Deviation in Q2 FY27
AI Summary
Midwest Ltd has filed a NIL statement of deviation or variation regarding the utilization of its Initial Public Offer (IPO) proceeds for the quarter ended September 30, 2026. The company confirmed that all funds raised through the public issue on October 20, 2025, amounting to ₹2,500.00 Million, were utilized as per the original objects. The Audit Committee reviewed the utilization and found no discrepancies. Key utilization areas included investments in subsidiaries for capital expenditure, purchase of equipment, solar energy integration, and repayment of borrowings, alongside general corporate purposes and issue-related expenses.
Key Highlights
- No deviation in IPO fund utilization for Q2 FY27.
- Audit Committee reviewed and approved the NIL deviation statement.
- Funds were utilized for subsidiary investments and capital expenditure.
- Repayment of borrowings and general corporate purposes also covered.
- IPO raised ₹2,500.00 Million on October 20, 2025.
Price Impact
More from MIDWESTLTD