Diamines & Chemicals Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
DIAMINESQ · price
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Diamines & Chemicals Limited has filed its quarterly statement under SEBI Regulation 32(1) for funds raised via preferential issue of convertible warrants. The company raised Rs. 50.58 crore through allotment of 9,06,390 convertible warrants on October 1, 2024, at Rs. 552 per warrant (25% subscription of Rs. 138 per warrant = Rs. 12.51 crore received upfront). By March 24, 2026, the company allotted 2,69,402 equity shares upon conversion of some warrants, receiving the balance 75% (Rs. 11.15 crore). As of March 31, 2026, only Rs. 12.51 crore (25%) has been utilized out of Rs. 50.58 crore raised. The remaining warrants lapsed as the conversion period ended. The funds were intended for capital expenditure, working capital, acquisitions, technology investment, and general corporate purposes. Both the audit committee and auditors have reported no comments on the utilization.
The slow utilization of funds (only 25% deployed) with no explanation for the deviation may raise concerns among investors about deployment timelines or project delays. However, the absence of audit committee objections and auditor comments suggests no misuse of funds. The stock could see minor negative sentiment due to the large unutilized portion.