Dhani Services Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
Awaiting price reaction for this filing.
Dhani Services Limited has filed a quarterly statement under SEBI Regulation 32 confirming no deviation in the use of proceeds from its preferential issue of convertible warrants done in March 2025. The total issue size was INR 406.35 Crores, of which the company received an upfront amount of INR 101.59 Crores (25% of the warrant issue price) and the balance of INR 304.76 Crores is expected by September 2026. As of June 30, 2025, the company has utilized INR 92 Crores across four objects: INR 50 Crores fully used for subsidiary debt repayment, INR 33.30 Crores towards subsidiary growth funding, INR 3.42 Crores for subsidiary working capital, and INR 5.28 Crores for general corporate purposes. The remaining unutilized INR 9.59 Crores is parked in Axis Liquid Fund and an HDFC current account. The monitoring agency Acuité Ratings and the Audit Committee raised no adverse comments.
This is a routine regulatory disclosure with no negative findings — the company is using the warrant subscription proceeds in line with what was approved by shareholders, which is a neutral-to-mildly positive signal on fund management discipline. With INR 304.76 Crores of additional warrant conversion money still pending, shareholders should watch for future conversion and deployment progress, especially since the majority of growth funding (only ~22% of the allocated amount) has been deployed so far.