Statement of Deviation for the quarter ended March 31, 2026
ESCORTS · price
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Escorts Kubota Limited has filed a confirmation that there is no deviation or variation in the use of proceeds from its Preferential Issues completed on February 18, 2022. The company raised Rs. 1,872.745 crores (net proceeds of Rs. 1,855.306 crores after deducting issue-related expenses of Rs. 17.440 crores). As of Q4 FY2026, Rs. 545.219 crores (approximately 29%) has been utilized, entirely directed toward the stated object of expanding the company's agri-machinery business covering tractors, combine harvesters, rice transplanters, utility vehicles, construction machinery, engines, and related R&D and spare parts. The Audit Committee reviewed the statement and found no comments to report.
No deviation means the company is using funds as intended, which is reassuring for investors who participated in the 2022 preferential issue. The relatively modest utilization rate (~29% over 4 years) may reflect the long-term, capex-heavy nature of agri-machinery expansion rather than any fund diversion concern.