Patel Chem Specialties clarified an observation regarding a ₹0.015 crore deviation in IPO proceeds utilization.

The company explained this was not a diversion of funds but a penalty imposed by Axis Bank for premature Fixed Deposit closure, without prior intimation.

The shortfall does not affect the original IPO objectives, and the company confirmed it will replenish the amount.

This ensures all IPO proceeds will be fully deployed as initially planned, upholding commitment to shareholders.