Ethos Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
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Ethos Limited has filed its quarterly compliance statement under SEBI Regulation 32 for the Qualified Institutional Placement (QIP) it completed on November 3, 2023. Through the QIP, the company raised Rs 17,499.82 lakhs (net proceeds of Rs 16,959.64 lakhs) by issuing 11,31,210 equity shares. The company has confirmed there is no deviation or variation in the use of these proceeds from the originally stated objects. During the quarter ended March 31, 2025, Ethos utilized Rs 8,455.97 lakhs towards working capital requirements, while no funds were deployed for general corporate purposes during the quarter. CRISIL Ratings Limited is the monitoring agency, and both the Audit Committee and auditors have stated they have no comments on the statement.
This is a routine regulatory compliance filing and does not indicate any negative event. The absence of any deviation is mildly reassuring for shareholders, as it confirms QIP funds are being used as originally disclosed. However, investors may note that the working capital allocation (Rs 13,125.00 lakhs) is only partially utilized so far, and general corporate purpose funds remain untouched in this quarter.