M.R. Maniveni Foods Limited deploys Rs 6.08 crore IPO proceeds

M.R. Maniveni Foods Limited had used Rs 6.08 crore of initial public offer proceeds by September 30, 2026, against Rs 23.02 crore assigned to three disclosed objects, leaving Rs 16.94 crore unutilised. M.R. Maniveni Foods reported no deviation or variation in the use of these funds for the half year.

How much IPO money had M.R. Maniveni Foods used?

M.R. Maniveni Foods had used Rs 6.08 crore, or about 26% of the Rs 23.02 crore allocated to disclosed business objects, as of September 30, 2026. The company’s Regulation 32 statement reported a public issue of Rs 27.04 crore, while the object-level table excluded issue expenses of Rs 4.02 crore.

The remaining Rs 16.94 crore was classified as unutilised across factory construction, plant and machinery, and general corporate purposes. The filing did not set out a schedule for spending this balance or give a completion date for the new factory premises. It did, however, state that the funds remained assigned to their disclosed objects.

M.R. Maniveni Foods spent the entire Rs 6.08 crore reported in the table on the two capital-expenditure objects. Construction of the new factory premises accounted for Rs 3.08 crore, while plant and machinery accounted for Rs 3 crore. The Rs 3.73 crore earmarked for general corporate purposes had not been utilised at the reporting date.

Which IPO objects received funds from M.R. Maniveni Foods?

M.R. Maniveni Foods directed Rs 3.08 crore to construction of new factory premises by September 30, 2026. This represented about 35% of the Rs 8.85 crore proposed for the factory, leaving Rs 5.77 crore unutilised under that object.

The company used Rs 3 crore for plant and machinery, against a proposed allocation of Rs 10.44 crore. That left Rs 7.44 crore unutilised, the largest remaining balance among the three objects. The machinery allocation was larger than the factory allocation by Rs 1.59 crore, but its recorded utilisation was lower by Rs 8 lakh.

M.R. Maniveni Foods recorded no utilisation for general corporate purposes. The Regulation 32 table lists Rs 3.73 crore as proposed for that object and Rs 0 as utilised. Neither the company’s statement nor the accompanying utilisation certificate identified a particular general corporate expense incurred by September 30, 2026.

Why do M.R. Maniveni Foods’ IPO totals differ between documents?

M.R. Maniveni Foods’ Regulation 32 statement gives Rs 23.02 crore as the total proposed amount for the three stated objects. Its attached utilisation certificate instead prints Rs 23.04 crore as the total amount disclosed in the offer document, creating a Rs 2 lakh difference between the two printed totals.

The individual allocations in both documents are Rs 8.85 crore for new factory premises, Rs 10.44 crore for plant and machinery, and Rs 3.73 crore for general corporate purposes. These figures add to Rs 23.02 crore, matching the Regulation 32 statement. The reported Rs 6.08 crore utilised and Rs 16.94 crore unutilised also add to Rs 23.02 crore.

A separate certification page labels IPO funds at Rs 23.04 crore and gives June 1, 2026 as the listing date. The filing does not explain why that page and the utilisation certificate show Rs 23.04 crore while the object-level allocation and its supporting arithmetic show Rs 23.02 crore. The company separately disclosed a total public issue amount of Rs 27.04 crore and issue expenses of Rs 4.02 crore excluded from the utilisation table.

Did M.R. Maniveni Foods report any IPO-fund deviation?

M.R. Maniveni Foods reported no deviation or variation in the use of IPO proceeds for the half year ended September 30, 2026. Its November 12, 2026 communication to BSE Limited said the Audit Committee reviewed the statement and the Board took it on record at their respective meetings held that day.

The Regulation 32 statement records nil comments from the Audit Committee and nil comments from the auditors. It also says that no monitoring agency was applicable. The disclosure was submitted under Regulation 32 of the Securities and Exchange Board of India, or SEBI, Listing Obligations and Disclosure Requirements Regulations, 2015.

Krishaan & Co., Chartered Accountants, issued a utilisation certificate dated November 12, 2026 after reviewing documents, statements, papers and books of account relating to the public issue proceeds. The certificate says there had been no deviation or variation for the half year ended September 30, 2026, while showing Rs 6.08 crore of expenditure incurred by that date.

What does the unutilised IPO balance represent for M.R. Maniveni Foods?

M.R. Maniveni Foods’ Rs 16.94 crore unutilised balance was concentrated in capital expenditure, with Rs 13.21 crore remaining across factory construction and plant and machinery. The remaining Rs 3.73 crore was the full allocation for general corporate purposes, where the company reported no spending.

The filing distinguishes unutilised amounts from any change in use. Each object is marked with no deviation or variation, and the remarks for the individual objects are listed as nil. Therefore, the disclosure identifies the balance as money not yet used for the specified objects rather than money assigned to another purpose.

The company’s disclosed figures show that spending had begun in both physical expansion categories after the IPO, but do not indicate the stage of construction, machinery procurement milestones, or the expected timing of further deployment. Those details are not provided in the November 12, 2026 filing.

Conclusion

M.R. Maniveni Foods had deployed Rs 6.08 crore of IPO proceeds by September 30, 2026, split between Rs 3.08 crore for factory construction and Rs 3 crore for plant and machinery. Rs 16.94 crore remained unutilised, including the entire Rs 3.73 crore allocation for general corporate purposes, while the company and its accountant reported no deviation from the disclosed uses.

The next utilisation disclosure will show whether M.R. Maniveni Foods deploys the Rs 5.77 crore factory balance, Rs 7.44 crore machinery balance and Rs 3.73 crore general corporate-purpose balance. It may also clarify the Rs 2 lakh difference between the Rs 23.02 crore total in the object-level statement and the Rs 23.04 crore total printed in the attached certificate.