Mumbai, January 31, 2025: Grill Splendour Services Limited (NSE Symbol: BIRDYS), a prominent company listed on the SME Platform of the National Stock Exchange (NSE), has issued a detailed clarification in response to a query raised by the NSE regarding the submission of its financial results. The NSE had highlighted that the results were not submitted in the prescribed format as required by the Securities and Exchange Board of India (SEBI), particularly the disclosure for the utilization of IPO proceeds for listed entities.

The company, in its communication dated January 31, 2025, stated that it had complied with all regulatory requirements outlined by the SEBI Listing Regulations. Here are the key points from their response:

1. IPO Listing and Financial Results

Grill Splendour Services raised a total of ₹1647.36 lakhs through its Initial Public Offering (IPO), with the equity shares listed on the NSE SME platform on April 23, 2024. The financial results for the six-month period ended September 30, 2024, were approved by the company’s Audit Committee and the Board of Directors in a meeting held on October 10, 2024, and duly submitted in the prescribed format on the NEAPS Portal.

2. Utilization of IPO Proceeds

The company clarified that the entire IPO proceeds have been fully utilized in accordance with the objectives laid out in the IPO prospectus. As per SEBI regulations and the NSE Circular No. NSE/CML/2024/23 dated September 5, 2024, Grill Splendour Services had submitted the required utilization certificate and Statement of Deviation for the period ending September 30, 2024 on November 13, 2024. The filing was made within 45 days from the end of the half-year, in compliance with the regulatory deadlines. The disclosure was also made through a specific announcement on the NEAPS Portal.

3. Statement of Deviation

As part of the regulatory submission, Grill Splendour Services confirmed that there were no deviations or variations in the utilization of the IPO funds, in line with the objects disclosed in the offer document. A summary of the IPO fund utilization is provided below:

• Offer Expenses: ₹37.36 lakhs
• Additional Working Capital Requirements: ₹100 lakhs
• Prepayment of Borrowings: ₹1,115 lakhs
• General Corporate Purposes: ₹395 lakhs

No funds raised from the IPO have been diverted to any other purposes, and there have been no changes to the originally stated objectives.

4. Ongoing Regulatory Compliance

The company has adhered to SEBI Listing Regulations and NSE Circulars by providing the requisite disclosures and ensuring full transparency in its reporting process.

Grill Splendour Services remains committed to upholding the highest standards of corporate governance and compliance with SEBI and NSE regulations.

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