Udayshivakumar Infra Uses ₹66 Crore IPO Funds As Planned in Q4 FY23

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AuthorVihaan Mehta|Published at:
Udayshivakumar Infra Uses ₹66 Crore IPO Funds As Planned in Q4 FY23
Overview

Udayshivakumar Infra Limited confirmed it used its ₹65.99 crore IPO funds as planned in the quarter ending March 31, 2023. Spending included working capital and general corporate purposes. Any remaining funds are held in bank deposits.

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Udayshivakumar Infra Limited confirmed it used its Initial Public Offering (IPO) funds as planned during the quarter ending March 31, 2023. The company raised ₹65.99 crore from its IPO.

In a filing detailing fund utilization for the period, Udayshivakumar Infra stated that ₹4.84 crore was spent on incremental working capital and ₹10.29 crore for general corporate purposes.

Any unutilized funds from the IPO proceeds are currently held in bank deposits.

This confirmation is important for investor confidence, showing that the raised capital is being managed responsibly and according to the objectives outlined during the IPO. The company also remains compliant with regulatory reporting requirements for fund utilization.

Udayshivakumar Infra's shares were listed on the BSE and NSE on April 3, 2023.

Moving forward, investors will be watching for the company's specific plans for deploying the remaining IPO proceeds and how these investments contribute to generating future revenue.

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