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 Diamond India Limited (BSE scrip 539559) raised about Rs. 39.98 crore through a Rights Issue on October 6, 2025, originally meant to acquire Oasis Ceramics Private Limited under the Insolvency and Bankruptcy Code. Instead, the company has shifted the use of proceeds to investing in equity shares and securities of other companies, with a revised allocation of Rs. 37.48 crore against the original Rs. 30 crore. Of this, Rs. 22.5 crore (about 75%) was already deployed as an equity investment and the balance Rs. 14.98 crore is awaiting deployment after shareholder approval. An additional Rs. 2.01 crore was used for general corporate purposes (out of a revised Rs. 9.63 crore allocation), with Rs. 7.61 crore parked in bank deposits. Issue expenses came in at Rs. 48.86 lakh versus an original budget of Rs. 35 lakh, an overrun of Rs. 13.86 lakh (39.6%). Shareholders approved the change in objects on January 22, 2026, and the Audit Committee has reviewed and signed off on the deviations, with no objections from auditors.
The company has quietly walked away from its headline acquisition plan (Oasis Ceramics) and is now parking Rights Issue money into equity investments elsewhere, which is a meaningful strategic shift that shareholders should watch closely for clarity on what is being bought and expected returns. The 39.6% overshoot in issue expenses is a minor governance red flag, though lack of audit objection and post-facto shareholder approval keeps regulatory risk low.