PNGS Reva Diamond Jewellery Updates IPO Fund Utilization After Resolving MHA Complaint Hold
PNGS Reva Diamond Jewellery Limited, formerly known as Gadgil Metals & Commodities, provided updates regarding the utilization of its IPO proceeds, confirming the resolution of a previous hold on a portion of the funds. The company noted that the pending IPO funds are being utilized in a phased manner and remain secure, with the utilization not adversely affecting the progress or overall performance of the project.The company initially faced a delay in the transfer of Rs. 12,352/- from HDFC Bank. This hold was reported to be linked to a complaint or intimation received by HDFC Bank from the Ministry of Home Affairs (MHA) related to an allottee who had applied in the IPO.
PNGS Reva Diamond Jewellery Limited confirmed that HDFC Bank subsequently released this specific amount to the Escrow account maintained with ICICI Bank on April 09, 2026.
The IPO, which was completed in September 2023, raised a total of ₹379.51 crore. The raised capital was originally designated for general corporate purposes, opening new jewellery stores, and enhancing marketing efforts.
IPO Funds Utilization Overview
As of March 31, 2026, the company's IPO utilization report indicated that ₹39.69 crore had been spent. This figure represents the utilization of IPO proceeds for the quarter ending March 31, 2026.The company reported a significant portion of the funds remained unutilized, totaling ₹339.82 crore as of March 31, 2026. The resolved fund transfer accounted for an additional ₹123.52 crore.
The key financial metrics concerning the IPO proceeds utilization are detailed below:
| Metric | Value | Date / Timeline |
|---|---|---|
| Total IPO Proceeds | ₹379.51 crore | September 2023 |
| Utilized as of March 31, 2026 | ₹39.69 crore | Q4 FY26 |
| Unutilized as of March 31, 2026 | ₹339.82 crore | Q4 FY26 |
| Funds Released after MHA Delay | ₹123.52 crore | April 09, 2026 |
PNGS Reva Diamond Jewellery Limited assured stakeholders that the funds raised through the IPO remain secure and are being utilized in accordance with the objectives stated in the Prospectus. Further details regarding the proposed utilization schedule of the IPO proceeds are available in the company's Red Herring Prospectus and Prospectus.
The company also noted that the relevant details regarding the fund utilization are covered in the Monitoring Agency Report/Certificate, which was available in the public domain on May 14, 2026.
PNGSREVA Stock Price Movement
Shares of PNGS Reva Diamond Jewellery Limited slipped by 3.09% today, settling at ₹363.2 as the market closed. The equity saw significant trading action, moving on a total volume of 290,366 shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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