Dear Sir/Madam, Please find enclosed Statement of deviations or variations under Regulation 32(1) of SEBI (LODR) Regulations 2015
ARIHANT · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Arihant Foundations & Housing has filed a quarterly compliance statement confirming that there was no deviation or variation in how it used the proceeds from its November 2024 preferential issue of equity shares and convertible warrants. The company had approved raising Rs. 108.60 crore, of which Rs. 76.31 crore was actually received by March 31, 2025 (full payment of Rs. 65.55 crore for 13.65 lakh equity shares plus 25% upfront of Rs. 10.76 crore for 8.97 lakh warrants). Out of this, Rs. 36.81 crore has been deployed for the stated purposes, while Rs. 39.50 crore remains unutilized and is parked in liquid funds and fixed deposits. A Rs. 2 crore refund from a cancelled land purchase agreement has also been reinvested. The remaining 75% warrant consideration of about Rs. 32.29 crore is still receivable from allottees. ICRA Limited is acting as the monitoring agency.
This is a routine regulatory disclosure with no negative surprises — funds are being used as originally disclosed to shareholders, which is mildly reassuring. However, just over half of the received proceeds have been deployed so far, and a land deal has fallen through, so investors should watch for updates on how the remaining funds are eventually utilized.