URBAN Enviro Waste Management Limited (URBAN) has responded to a clarification request from the National Stock Exchange (NSE) regarding the financial results submitted for the period ending September 2024. The query, dated 13 November 2024, pertained to the utilization of IPO proceeds, which was not disclosed in the company’s financial results filed on 25 October 2024.

Clarification on Utilization of IPO Proceeds

In its response, URBAN clarified that the IPO proceeds had already been fully utilized by March 2024, and the company had disclosed this fact to the Exchange on 14 May 2024. As per Regulation 32(2) of the SEBI (LODR) regulations, companies are required to provide a Statement of Deviation(s) or Variation(s) regarding the utilization of proceeds until the funds raised through the IPO are completely utilized or the stated purpose for raising those funds has been achieved.

Since URBAN had completed the utilization of its IPO proceeds as of March 2024, no further disclosure was required in its September 2024 financial results. The company confirmed that it has already complied with the necessary disclosure requirements under SEBI’s guidelines.

Compliance with SEBI Regulations

This clarification is in accordance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR), ensuring that URBAN adheres to the prescribed format for the disclosure of IPO proceeds utilization. SEBI Regulation 32 mandates that companies continue to report on the utilization of IPO funds until they have been fully expended or the specific objectives have been met. Given that the IPO proceeds were fully utilized, there was no need to repeat the disclosure for the September 2024 period.

Transparent Communication with Stakeholders

By promptly addressing the clarification request, URBAN demonstrates its commitment to transparency and compliance with SEBI regulations, ensuring that investors and stakeholders are kept informed about the company's financial activities. This move reflects URBAN’s efforts to maintain clear and open communication with both regulatory authorities and market participants.

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