VMS TMT Limited Reports Deviation in IPO Fund Utilization
VMS TMT Limited reported a deviation in IPO fund utilization for the quarter ended December 31, 2025. The company raised ₹148.50 crore via IPO on September 22, 2025. A deviation of ₹40.19 crore occurred due to delays in repaying working capital and term loans to SVC Bank.
The deviation involves a significant amount of funds raised through an IPO and pertains to loan repayments, which could impact investor confidence and the company's financial standing.
The company is reporting a deviation in the utilization of funds raised through its IPO, which is a negative development.
VMS TMT Limited has submitted a Statement of Deviation/Variation pursuant to Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, for the quarter ended December 31, 2025. The company raised ₹148.50 crore through an IPO on September 22, 2025.
There has been a deviation in the utilization of these funds. On October 4, 2025, an amount of ₹4,019.45 lakhs (₹40.19 crore) was transferred from the Monitoring Account to the company's cash credit (CC) account with SVC Bank for the repayment of working capital and term loan facilities. The outstanding amount for these facilities was ₹4,026.40 lakhs (₹40.26 crore) as of September 30, 2025.
The deviation occurred because the company was not permitted to directly remit the repayment amount to the term loan account. The funds were first deposited into the CC account, and SVC Bank was to transfer the required amount to the term loan account for closure. However, the bank delayed this transfer pending regulatory approval.
These facilities were fully repaid and closed on February 4, 2026, after receiving the necessary approval. SVC Bank subsequently issued a no-dues certificate. The Audit Committee has taken note of the Monitoring Agency Report and the explanation provided.
The original objects for which funds were raised were: 1. Repayment/prepayment of certain borrowings (₹112.19 crore allocated), 2. General corporate purposes (₹20.60 crore allocated), and 3. Issue related expenses (₹12.85 crore allocated). For the quarter ended December 31, 2025, the deviation reported is ₹2.81 crore, as explained above.
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VMS TMT Limited filed this with the NSE as a statutory disclosure, categorised under other regulatory filings. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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