Godha Cabcon & Insulation Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
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Godha Cabcon & Insulation Limited has filed a quarterly statement confirming there is no deviation or variation in the use of funds raised through a preferential issue of fully convertible warrants. The company allotted 9.9 crore warrants on August 3, 2024, with Rs. 24.75 crore received upfront on allotment. Since then, three tranches of warrants have been converted into equity shares, bringing in additional amounts (Rs. 20.25 crore + Rs. 20.25 crore + Rs. 2.03 crore). Of the total Rs. 99 crore originally allocated, Rs. 20.25 crore has been utilised so far, all of it toward working capital, capital expenditure, business opportunities, strategic initiatives, and general corporate purposes. The company noted that listing approval is still pending for 72 crore equity shares arising from these conversions.
This is a routine compliance filing with no adverse findings on fund usage, which is neutral to positive for shareholders. The pending listing approval for 72 crore converted shares remains a minor overhang that could increase the public float once granted.