Patel Chem: No Deviation in IPO Fund Utilization for H2 FY26

Patel Chem Specialities Limited confirmed no deviation or variation in the use of proceeds from its Initial Public Offer (IPO) for the half-year ended March 31, 2026. The company raised ₹58.80 crores through its IPO on July 30, 2025. The statement, reviewed by the Audit Committee and taken on record by the Board of Directors on May 21, 2026, confirms adherence to the objects stated in the Prospectus. As of March 31, 2026, ₹16.27 crores have been utilized, with ₹36.24 crores remaining unutilized. Specifically, ₹6.90 crores were used for issue-related expenses, ₹8.40 crores for general corporate purposes, and ₹4.51 crores for capital expenditure. The unutilized capital expenditure funds are parked in a Fixed Deposit with Axis Bank.