Mittal Sections Ltd. Utilizes Majority of IPO Proceeds, Deviates Slightly on Working Capital Objective

Mittal Sections Ltd. has utilized a significant portion of the funds raised through its SME Initial Public Offer (IPO), with Rs.20.65 crore allocated towards capital expenditure. However, there is a deviation in the object of working capital, with an excess amount of Rs.0.29 crore utilized as per CARE's assessment, against the company's submission of unutilized amount of Rs.0.26 crore. This discrepancy amounts to Rs.0.55 crore. The company has confirmed that shareholder approval has been obtained for material deviations from the expenditures disclosed in the Offer Document. No changes in the means of finance for the disclosed objects of the issue have been observed, and all necessary government/statutory approvals related to the object(s) have been obtained.