Statement of Deviation and Variation for the Half Year ended September 30, 2025.
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Cosmic CRF Limited raised Rs. 17,243.87 Lakhs through a preferential issue of equity shares and convertible share warrants, less than the originally planned Rs. 26,284.37 Lakhs, because only 9,89,643 equity shares (vs. 13,19,100 planned) and 25% of the warrants were subscribed. The company confirms there is no deviation or variation from the original stated objects of the issue. Of the Rs. 15,972.84 Lakhs allocated for capex and investments in subsidiaries, only Rs. 6,113.71 Lakhs has been utilised so far, while Rs. 11,000 Lakhs is parked in fixed deposits and Rs. 130.16 Lakhs remains in a current account with Bank of India. For general corporate purposes, Rs. 1,271.03 Lakhs was the modified allocation. The statement was reviewed by the Audit Committee and approved by the Board on November 5, 2025, with no adverse comments from the auditors.
Shareholders can take comfort that the funds raised are being used as originally intended, but a large portion is still lying in fixed deposits, meaning capex and subsidiary investment deployment is slow. The shortfall in subscription (Rs. 9,040.50 Lakhs less raised than planned) could limit the company's expansion plans unless the balance is raised through other means.