Statement of Deviation or variation in utilisation of funds
ADVAIT · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Advait Energy Transitions filed its quarterly fund utilisation statement covering ₹82.3 crore raised via preferential equity issue (July 2024) and multiple warrant tranches. All 7 fund-raising events show 'No Deviation' - meaning money was used for stated purposes. However, the company internally reallocated funds from Working Capital and General Corporate Purposes to Capital Investment in Plant and Machinery to meet capex requirements. Two warrant holders failed to pay the remaining 75%, resulting in forfeiture of ₹74,99,160 and 5,630 forfeited warrants. By March 2026, all warrants have been either converted or forfeited. No monitoring agency was appointed.
Positive for shareholders - funds were deployed for stated business purposes with no material deviation. The internal reallocation reflects operational flexibility. The warrant forfeiture is a minor concern affecting only a small portion of total funds raised.