Statement of Deviation and variation for the Quarter ended 30th September 2025
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Coromandel Engineering Company has filed a Regulation 32 compliance statement confirming there is no deviation or variation in the use of proceeds from its preferential equity issue. The company had allotted 16,49,840 equity shares on 8 May 2025, raising Rs. 6,60,76,092 (about Rs. 6.61 crore). During the quarter ended 30 September 2025, it utilized Rs. 32,89,841.77 (about Rs. 32.9 lakh) towards general corporate purposes, upcoming projects, and bank/performance guarantees and advances for projects. The Audit Committee reviewed and approved the statement at its meeting held on 11 November 2025. This is a routine SEBI-mandated disclosure confirming funds are being used as originally disclosed.
This is a routine compliance filing with no new information for investors. The confirmation of no deviation means the company is using the Rs. 6.61 crore raised through the preferential issue as originally intended. The low utilization so far (around 5% of the amount raised over roughly 4-5 months) is something investors may want to track, but there is no negative signal here.