Statement of Deviation or Variation for Half Year ended March 31, 2024
Price
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Awaiting price reaction for this filing.
Droneacharya Aerial Innovations has filed a statement confirming there is no deviation or variation in the use of proceeds from its IPO. The company raised Rs. 33.97 crore through a public issue in December 2022, with Rs. 27.99 crore earmarked for purchasing drones and accessories and Rs. 5.98 crore for general corporate expenses. During the half year ended March 31, 2024, the company utilized Rs. 10.77 crore towards drone purchases and fully utilized the Rs. 5.98 crore allocated for general corporate expenses. The filing was delayed due to a human error, as the company failed to submit it in PDF mode earlier, though it had already submitted the same in XBRL format on May 13, 2024.
This is a routine regulatory compliance filing with no negative findings — IPO funds are being deployed as originally planned. No material impact on shareholders or stock price is expected, though the delayed filing is a minor governance lapse already disclosed.