Statement of utilisation of funds
ADVAIT · price
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Awaiting price reaction for this filing.
Advait Energy Transitions filed its quarterly statement on use of proceeds from three preferential fundraising events: a Rs 82.30 crore equity allotment in July 2024 at Rs 1,388 per share, a Rs 6.29 crore warrant issue in September 2024 (141,591 warrants), and Rs 2.57 crore received on March 1, 2025 when two allottees paid the remaining 75% to convert 19,261 warrants into equity, leaving 1,22,330 warrants outstanding. As of March 31, 2025, the company has utilised Rs 23.72 crore of the equity issue proceeds (mostly towards general corporate purposes at Rs 17.43 crore and plant and machinery at Rs 3.35 crore) and Rs 35.46 lakh from the warrant tranche, with no allocation yet tapped for subsidiary investment. The company has confirmed there is no deviation or variation from the originally disclosed objects, and no monitoring agency was appointed.
The confirmation of zero deviation is a positive compliance signal, but the slow pace of deployment - only ~29% of the equity issue and ~1.4% of the warrant money utilised in roughly nine months - means shareholders should watch the next quarter's filing to see if planned capex on plant and machinery (Rs 50 crore allocated, only Rs 3.35 crore spent) and the subsidiary investment pick up, as persistent under-utilisation could weigh on the stock's narrative around growth execution.