Company Update

Popular Foundations Limited has announced that there is no deviation or variation in the utilization of its IPO proceeds totaling Rs 19.87 Cr raised in September 2024. Funds were primarily used for repayment of borrowings (Rs 4.94 Cr), working capital requirements (Rs 11.82 Cr), general corporate purposes (Rs 1.08 Cr), and issue expenses (Rs 1.99 Cr). An unutilized balance of Rs 0.037 Cr is held in an escrow account and planned for use after September 2025. The audit committee reviewed and approved the utilization, confirmed by an auditor’s certificate.

This reflects disciplined fund management post-IPO.