Please find attached herewith the Statement on Deviation/ Variation in utilisation of funds raised for the quarter ended 31st March, 2025
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Ashika Credit Capital has confirmed there is no deviation or variation in the use of funds raised through preferential issues during the quarter ended 31st March 2025. During the quarter, warrant holders converted 35,30,000 warrants into equity shares at Rs. 118/share (raising Rs. 31.24 crore as the 75% balance payment), and 43,88,800 warrants at Rs. 306/share (raising Rs. 100.72 crore as the 75% balance payment). No fresh funds were raised during the quarter from the 18 lakh equity convertible warrants allotted on 26 December 2024, of which only Rs. 27.41 crore (25% upfront subscription) has been received so far out of a total issue size of Rs. 109.62 crore, with the remaining Rs. 82.21 crore pending within 18 months of allotment. The funds have been deployed as per approved objects — investments in shares and securities, working capital and margin for derivative/Algo trading, repayment of borrowings, and a loan to group company Ashika Stock Broking. The statement was reviewed by the Audit Committee and taken on record by the Board on 10th May 2025.
This is a routine compliance disclosure confirming disciplined use of capital raised from warrant conversions. For shareholders, it signals transparency and no misuse of funds, though the pending Rs. 82.21 crore from recent warrant subscribers introduces some uncertainty over future capital availability for the company's growth plans.