Patel Chem Specialities Ltd

Patel Chem Specialities Ltd

Patel Chem Specialities Ltd clarifies that a reported deviation in utilization of IPO proceeds is due to a premature closure of fixed deposits with Axis Bank, and the company will replenish the shortfall at the earliest.

Patel Chem Specialities Ltd

Patel Chem Specialities Ltd has received a Monitoring Agency Report for the quarter ended June 30, 2026, from Infomerics Valuation and Rating Limited, stating a deviation of 0.025% of gross proceeds from the objects of the issue. The company has utilized Rs 1.45 crore towards capex in Q1FY27, and the balance unutilized amount stood at Rs 34.79 crore. However, the unutilized amount parked in Axis Bank FDs and monitoring account is only Rs. 34.78 crore due to interest penalty being levied by the bank upon premature closure of the fixed deposit (FD) during Q1FY27.