Bhagiradha Chemicals & Industries Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
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Awaiting price reaction for this filing.
Bhagiradha Chemicals has filed a quarterly compliance statement under SEBI Regulation 32 confirming that there is no deviation or variation in the use of funds raised through its preferential issue of fully convertible warrants. The company raised a total of Rs. 341.18 Cr across three tranches in November 2023 (Rs. 85.30 Cr), May 2024 (Rs. 203.60 Cr), and January 2025 (Rs. 52.28 Cr), and reports that the entire amount has been utilised. The funds were raised to part-fund capital expenditure for setting up a new manufacturing unit at its wholly owned subsidiary Bheema Fine Chemicals in Kadechur Industrial Area, Yadgir district, Karnataka, along with working capital and solar power plant setup. The utilisation has been reviewed by the Audit Committee and Board, with India Ratings and Research acting as the monitoring agency, and both have raised no comments.
This is a routine positive compliance filing — it reassures shareholders that the Rs. 341.18 Cr raised from warrant holders has been used as originally disclosed, with no diversion. No material impact on the stock is expected, but the clean audit and monitoring agency sign-off removes any overhang on fund-misuse concerns.