Best Agrolife Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
BESTAGRO · price
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Best Agrolife has filed a quarterly compliance statement under SEBI Regulation 32 confirming there is no deviation or variation in the use of funds raised through its preferential issue of convertible warrants. The company had originally planned to issue 31.25 lakh warrants at Rs. 640 each to raise Rs. 200 crores, but only 23.44 lakh warrants were subscribed, reducing the actual issue size to Rs. 150 crores. In December 2024, the Board reallocated the funds—cutting capital expenditure from Rs. 70 crores to Rs. 50 crores and working capital from Rs. 120 crores to Rs. 90 crores. The 25% upfront amount of Rs. 37.5 crores has been fully utilised by June 2025, with the remaining Rs. 112.5 crores received during the previous quarter (Q4 FY25). During Q1 FY26, the company deployed Rs. 0.70 crores toward raw material purchases and Rs. 0.03 crores toward interest payments.
This is a routine compliance disclosure with no adverse findings—no deviation in fund usage was reported by the company or CRISIL (the monitoring agency). The reduction in issue size and the reallocation of proceeds were already approved by the Board in December 2024 and are unlikely to have any meaningful impact on the stock price.