Poojaa Precision Engg. Reports Deviation in IPO Fund Utilization

Poojaa Precision Engg. Ltd has submitted its Monitoring Agency report for Q2FY27, revealing deviations in the utilization of IPO proceeds amounting to ₹159.83 crore. The report, prepared by CARE Ratings, indicates that ₹7.07 crore was utilized for purposes contrary to the Red Herring Prospectus (RHP). Specifically, ₹4.45 crore was over-utilized for loan repayments to SBI and HSBC, and ₹0.47 crore was utilized for reimbursement of solar power project expenses beyond the RHP's scope. The company attributes the excess loan repayment to the acquisition of plant and machinery, which was already in process as per the RHP.