FCL secures approval to redirect Rs750m unused IPO proceeds

Fast Cables Limited shareholders have authorised the company to put Rs750.46 million of unused IPO money, plus the returns earned on it, toward working capital. Mettis Global reported that the special resolution was passed at the annual general meeting on October 22, 2026, after the offering’s stated objectives and prospectus commitments had been met.

The company raised Rs3,129.60 million through the IPO and, after a Rs121.60 million working capital settlement, had net proceeds of Rs3,008.00 million. It had spent Rs2,257.54 million, mainly on plant and machinery, construction and land; investment and deposit returns, after related tax, added Rs370.09 million to the remaining funds, taking the total balance to Rs1,120.56 million.

An agreed-upon procedures review by Crowe Hussain Chaudhury & Co. covered records through October 22 and reported no discrepancies in the IPO receipts, returns or tax deductions. The review noted that construction and mechanical and electrical work took place on land acquired in June 2023 for plant expansion, and otherwise found no discrepancies.