Pursuant to Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, please find enclosed herewith the Statement of Deviation and variation ....
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Deep Health AI India Ltd has filed a statement of deviation confirming that its ₹39.98 crore Rights Issue (raised October 6, 2025, at ₹4.16 per share) was significantly diverted from its original purpose. The original object was acquisition of Oasis Ceramics Private Limited under IBC 2016, but ₹37.47 crore (94% of the issue) was diverted to investment in equity shares of other companies. General corporate purpose funds (₹201.50 lakhs of ₹761.26 lakhs allocated) were also diverted. Issue expenses exceeded budget by ₹13.86 lakhs (₹48.86 lakhs vs ₹35 lakhs). All deviations were ratified by shareholders in an EOGM on January 22, 2026. The auditor VRSK & Co. LLP certified that only ₹2.50 crore was used for stated purposes while ₹37.47 crore went to equity investments. The company states proceeds are now fully utilized and future deviation filings will not apply.
This is a significant red flag for investors. Nearly the entire Rights Issue proceeds were diverted from the stated acquisition objective to equity investments, representing a major change in capital deployment. While shareholder ratification provides legal cover, it signals aggressive deviation from stated business plans. The company will no longer be required to file deviation statements going forward.