Corporate Governance29 Oct 2026, 03:03 pm
Black Buck Ltd: No IPO Fund Use Deviation in Q2 FY27
AI Summary
Black Buck Ltd (formerly Zinka Logistics Solutions Limited) has confirmed no deviation or variation in the utilization of its IPO proceeds for the quarter ended September 30, 2026. The company raised INR 550.00 Crore (excluding OFS portion) in its public issue on November 20, 2024. The statement, reviewed by the Audit Committee, confirms funds were utilized for sales and marketing (₹200 Crore), investment in subsidiary Blackbuck Finserve (₹140 Crore), product development (₹75 Crore), and general corporate purposes (₹122.01 Crore). The utilization for general corporate purposes was a reimbursement for expenditure funded through internal accruals.
Key Highlights
- No deviation in IPO fund utilization for Q2 FY27 confirmed.
- Funds utilized across sales, subsidiary investment, product development, and corporate purposes.
- General corporate purpose funds reimbursed internal accruals.
- Disclosure reviewed by Audit Committee and to be hosted on company website.
Price Impact
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