Alok Industries Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
ALOKINDS · price
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Awaiting price reaction for this filing.
Alok Industries has filed a quarterly compliance statement confirming there is no deviation or variation in the use of proceeds from its February 2020 preferential issue. The company had raised Rs. 499.99 Crores through 83.33 crore equity shares at a Rs.2 per share premium and 250 crore 9% Optionally Convertible Preference Shares. The funds were meant for capital expenditure and implementing the Resolution Plan approved by the NCLT in 2019. During the quarter ended March 31, 2025, Rs. 11.61 Crores was utilized, and the entire Rs. 499.99 Crores raised has now been fully utilized as per the original purpose. The audit committee and auditors had no comments on the deviation report.
This is a routine compliance filing with no negative implications, as the company has fully utilized the raised funds for their stated purpose without any deviation. This reassures shareholders that capital was deployed as intended, though it is unlikely to have a material impact on the stock price.