Ganesh Infraworld Limited Announces Board Meeting Outcome and Utilization of IPO Funds

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Ganesh Infraworld Limited Announces Board Meeting Outcome and Utilization of IPO Funds

Team Finance Saathi

05/Feb/2025

What's covered under the article:

Outcome of Ganesh Infraworld Limited's Board Meeting held on February 5, 2025.
Unaudited standalone financial results for the nine months and quarter ended December 31, 2024.
Statement on IPO funds utilization as of December 31, 2024.
Review of financials by auditors and audit committee.

Ganesh Infraworld Limited (formerly known as "Ganesh Infraworld Pvt. Ltd." and "Ganesh International") held its Board Meeting on February 5, 2025, during which the directors approved the unaudited standalone financial results for the nine-month and quarter ended December 31, 2024. These results were reviewed and adopted in compliance with SEBI Regulations, and the Limited Review Report was issued by the statutory auditors of the company.

Key Highlights from the Board Meeting:

The meeting commenced at 11:30 A.M. and concluded at 1:40 P.M..
The unaudited financial results are available on the company’s official website, providing insights into the company’s performance for the period.

Additionally, the company presented the statement of deviation/variation in the utilization of funds raised through its Initial Public Offering (IPO). According to the statement, no deviation or variation in the use of funds was noted for the nine-month period ending December 31, 2024.

IPO Funds Utilization Summary:

The total amount raised in the IPO on December 6, 2024, was Rs. 9,857.74 lakhs.
The funds were allocated for:
- Working Capital Requirements – Rs. 3,471.94 lakhs utilized.
- General Corporate Purposes – Rs. 2,464.43 lakhs allocated.
- Public Issue Expenses – Rs. 762.87 lakhs utilized.

There were no changes or deviations reported in how the funds were utilized, confirming the compliance with the intended objectives.

Auditor’s Certification:

Piyush Kothari & Associates, Chartered Accountants, have issued a certificate confirming the proper utilization of IPO proceeds, in compliance with SEBI regulations and the company's listing obligations.

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Ganesh Infraworld Limited Announces Board Meeting Outcome and Utilization of IPO Funds

Key Highlights from the Board Meeting:

IPO Funds Utilization Summary:

Auditor’s Certification:

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