Neopolitan Pizza and Foods Limited has announced a deviation in the utilization of funds raised through its IPO.

An amount of Rs. 207.96 lakh was over-utilized for working capital to meet immediate company needs, resulting in reduced allocation for expanding its retail network from Rs. 708 lakh to Rs. 500.04 lakh.

Other expenses such as security deposits, brokerage, and corporate purposes remain unchanged.

The Audit Committee has noted the reasons and advised prompt corrective action.

Overall, the company maintains that the funds will be directed back to their original purposes as per the IPO prospectus.