Harsha Engineers Update: IPO funds not diverted, firm confirms

Harsha Engineers International Limited announced on November 6, 2025, that there has been no deviation or variation in the utilization of funds raised from its Initial Public Offer (IPO) for the quarter ended September 30, 2025. This statement was made in compliance with Regulation 32 of the SEBI (Listing Obligations & Disclosures Requirements) Regulations, 2015.

The IPO, which took place on September 26, 2022, raised a fresh issue aggregating up to ₹45,500 lakhs. The funds were allocated across several key objectives, including ₹270.00 Cr for pre-payment or scheduled repayment of existing borrowings, ₹77.95 Cr for funding capital expenditure requirements towards machinery purchases, and ₹7.12 Cr for infrastructure repairs and renovation of production facilities in India. An additional ₹74.33 Cr was designated for general corporate purposes.

The company confirmed that all allocated amounts, totaling ₹429.40 Cr, have been utilized as planned, with no deviation reported across any of the stated objects. The statement of deviation, reviewed by the audit committee and recorded by the board of directors, reaffirms the company's commitment to its prospectus dated September 19, 2022.