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Coromandel Engineering Company Ltd has filed a confirmation that there is no deviation or variation in the use of proceeds from the preferential allotment of 16,49,840 equity shares. The company raised Rs. 6,60,76,092 (approximately Rs. 6.61 crore) through preferential issue on 6th May 2025. During the quarter ended 31st March 2026, only Rs. 5,14,199.54 (approximately Rs. 5.14 lakh) was utilized. The stated purpose of the funds was for general corporate purposes, upcoming projects, execution of bank guarantees, performance guarantees, and advances for projects. The Audit Committee reviewed and approved this statement at its meeting on 25th May 2026.
The filing is routine compliance confirming proper fund utilization without deviation. The low utilization rate (less than 1% of raised funds) suggests gradual deployment of proceeds, which is normal for construction companies. No immediate shareholder action is required.