Statement on Deviation or Variation of Funds
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Awaiting price reaction for this filing.
Autoriders International has confirmed there is no deviation or variation in the use of funds raised through a preferential allotment of equity shares on 31st December 2024, where the company raised ₹8.99 crore in total. The funds were meant for three purposes: loan repayment (₹1.75 crore allocated, ₹1.77 crore used), business expansion (₹5 crore allocated, ₹4.13 crore used), and general corporate purposes (₹2.24 crore allocated, ₹2.09 crore used). The Audit Committee reviewed the statement on 10th November 2025 and had no comments, and the auditors (Vandana V. Dodhia & Co.) certified that the proceeds have been utilized for the stated objects as on 30th September 2025. While the report officially states 'Nil' deviation, the actual utilization shows loan repayment was slightly overshot while business expansion and general corporate purposes remain underutilized, likely because the company is deploying funds progressively.
This is a routine compliance filing confirming that the company has used the preferential issue funds broadly in line with the stated objects. For shareholders, it signals management discipline and transparency, with no major misallocation of funds. The underutilization in business expansion may be worth watching as it could indicate either a slower-than-planned growth push or funds being deployed in coming quarters.