Baid Finserv Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
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Baid Finserv has filed a quarterly compliance statement under SEBI Regulation 32 confirming that there was no deviation or variation in how it used the money raised from a preferential issue of convertible warrants. The company allotted 1,20,06,831 warrants on April 9, 2025 at a total issue size of ₹1,813.03 lakhs (₹15.10 per warrant), but has so far received only the 25% upfront amount of ₹453.26 lakhs (₹3.775 per warrant). This entire ₹453.26 lakhs has been fully utilised during the quarter ended June 30, 2025 for working capital needs, repayment of borrowings, and general corporate purposes — exactly as originally planned. The remaining 75% (₹1,359.77 lakhs at ₹11.325 per warrant) will only come in when warrant holders choose to convert their warrants into equity shares within the 18-month tenure. No monitoring agency was applicable, and the audit committee had no comments.
This is a routine positive compliance filing that reassures shareholders the company is using raised funds as promised, with no misuse or change in purpose. There is no immediate dilution since the remaining 75% of funds will only arrive upon warrant conversion; however, if all warrants are eventually converted, it would lead to fresh equity issuance and share dilution in the future.